Related plans Time Warner Center revamp

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

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
KKR's Henry Kravis and Meta's Mark Zuckerberg with 30 Hudson Yards (Getty, Rhododendrites, CC BY-SA 4.0 via Wikimedia Commons)
KKR takes over Meta’s large 30 Hudson Yards office
KKR takes over Meta’s large 30 Hudson Yards office
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
From left: TF Cornerstone’s Fred Elghanayan, Tishman Speyer’s Rob Speyer, and RXR's Scott Rechler (Getty, Tishman Speyer, RXR)
Here’s a look at the largest office projects coming to Manhattan
Here’s a look at the largest office projects coming to Manhattan
Related Companies' Steve Ross and Related Group's Jorge Perez (Getty)
Related-party transactions: Where do Ross and Pérez go from here?
Related-party transactions: Where do Ross and Pérez go from here?
Related Group's Jorge Pérez  and Related Companies' Stephen Ross
Watch: Related’s billionaires break up
Watch: Related’s billionaires break up
A photo illustration of Related Companies' Jeff Blau (Getty)
Related proposes 1,500-room resort in Hudson Yards casino bid
Related proposes 1,500-room resort in Hudson Yards casino bid
Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
arrow_forward_ios

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

Loading...