The Related Companies went into contract on its $2.2 billion sale-leaseback deal with WarnerMedia at 30 Hudson Yards, the firms said Tuesday.
The media giant has entered a 15-year lease with Related to take 1.5 million square feet at the 101-story tower, according to Deadline. News of the deal broke earlier this month, which initially suggested a 20-year lease. Related expects to close on the deal late in the second quarter.
WarnerMedia made a similar play at its Columbus Circle location, where it entered a $1.3 billion sale-leaseback deal with Related, GIC and the Abu Dhabi Investment Authority in 2014.
AT&T, which acquired WarnerMedia for $85 billion last year, said it would use the sale-leaseback to reduce its $170 billion debt. [Deadline] — David Jeans