Related plans Time Warner Center revamp

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

TRD New York /
Apr.April 27, 2020 06:40 PM
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.

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 [email protected]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
Facebook CEO Mark Zuckerberg and Neiman Marcus at Hudson Yards (Getty)

Facebook eyes Neiman Marcus’ Hudson Yards shop

Facebook eyes Neiman Marcus’ Hudson Yards shop
Stephen Ross and Hudson Yards (Getty, iStock)

Related halts payments to Hudson Yards EB-5 investors

Related halts payments to Hudson Yards EB-5 investors
Neiman Marcus at Hudson Yards (Getty, iStock)

Related marketing Neiman’s Hudson Yards store as office

Related marketing Neiman’s Hudson Yards store as office
Steve Ross and 1 Union Square South (Getty, Google Maps)

Related selling Union Square high-rise for $200M

Related selling Union Square high-rise for $200M
Stephen Ross, chairman of Related Companies (Getty)

Stephen Ross to retailers: Brace yourself for bankruptcies

Stephen Ross to retailers: Brace yourself for bankruptcies
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...