Related snags $1B refi at Time Warner Center office space

Deal covers former WarnerMedia headquarters
By Mary Diduch | May 15, 2019 05:55PM

Related CEO Jeff Blau and 10 Columbus Circle (Credit: Google Maps)

Related CEO Jeff Blau and 10 Columbus Circle (Credit: Google Maps)

A Related Companies venture landed a $1.1 billion refinancing deal for its office space at the Time Warner Center.

The deal includes a nearly $725 million refinanced mortgage, a $120 million building loan and a $255 million project loan, according to property records filed Wednesday with the city Department of Finance. Wells Fargo is the administrative agent on the deal.

Related did not immediately return a request for comment. Wells Fargo declined to comment.

A joint venture of Related, the Abu Dhabi Investment Authority and Singapore’s GIC acquired the 1.1 million square feet of space from Time Warner — now known as WarnerMedia — in 2014 for $1.3 billion. Deutsche Bank and Bank of China originated a $675 million mortgage for that deal, which was later securitized.

The venture then cut a lease-buyback deal with WarnerMedia, and the media company stayed at its headquarters in Columbus Circle for five more years. The deal at the time allowed Time Warner to buy its new office space at 30 Hudson Yards.

In a similar move, Related, which developed 30 Hudson Yards with Oxford Properties, recently inked another lease-buyback agreement with Time Warner for its new headquarters at the glassy skyscraper. The deal may top $2 billion.

Meanwhile, Deutsche Bank announced last year it was taking 1.1 million square feet of space at the office complex, which will be rebranded as the Deutsche Bank Center. The bank is expected to move from 60 Wall Street starting in 2021.