search

The Real Deal Logo

Trending

Billionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida move“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonTides Equities faces three foreclosures in Fort WorthTides Equities faces three foreclosures in Fort Worth
Commercial
New York

Related plans Time Warner Center revamp

Developer has filed plans for an estimated $160M in work over the last month

A photo illustration of Stephen Ross and Time Warner Center (Credit: Joel Auerbach/Getty Images, Wikimedia Commons)
A photo illustration of Stephen Ross and Time Warner Center (Credit: Joel Auerbach/Getty Images, Wikimedia Commons)

An empty Time Warner Center is an opportunity ripe for renovation in the eyes of Related Companies.

Since mid-March, the developer and owner of the 54-story center has filed plans for hefty renovations across at least 12 floors for an estimated cost of 164.2 million.

Last week, architecture firm Gensler submitted three plans with the Department of Building for removal and installation of interior non-load-bearing walls and finishes at the Related-owned building at West 58th Street and Columbus Circle. The cost for the 10th floor rehab is pegged at $14.5 million, $51.4 million for the 11th floor and $13.3 million for the 12th floor, according to the plans. (The work on the 11th floor was first reported by PincusCo.)

Engineering firm Thornton Tomasetti is the applicant of record for $3 million worth of structural modifications destined for 11th and 12th floors.

It comes weeks after Related filed permits for $82 million in renovations by Gensler for floors one through eight at Time Warner Center, according to PincusCo.

Sign Up for the undefined Newsletter

Read more

In March, Gov. Andrew Cuomo put a halt on non-essential construction. Only work on projects that include health-care facilities, homeless shelters, transit and affordable housing are exempt. Construction at 10 Columbus Circle — which sits on top of the 59 Street – Columbus Circle subway station — is considered essential, according to a recent analysis by The Real Deal.

Related completed the building in 2004, with the building’s namesake, Time Warner, as its anchor tenant. Spanning 2.8 million square foot, the 80-floor mixed-use project includes 1.2 million square feet of office space, an upscale shopping center and two condo towers with more than 200 units, including 64 luxury residences managed by the Mandarin Oriental. (Following a merger with AT&T, all the brands under WarnerMedia relocated to Related’s 30 Hudson Yards.)

Deutsche Bank was slated to take possession of its over 1 million square feet of space at the office portion of the development in January. Last year, the German investment bank exercised an option to return two floors of the building to Related.

A representative for Related did not respond to request for comment.

Write to Erin Hudson at ekh@therealdeal.com

Tags
Related CompaniesTime Warner Center