Thomson Reuters looks to sell stake in Times Square HQ

Media company owns 50% of 3 Times Square with Rudin Management

New York /
Oct.October 06, 2020 10:31 AM
Thomson Reuters CEO  Steve Hasker and 3 Times Square (Getty; Google Maps)

Thomson Reuters CEO  Steve Hasker and 3 Times Square (Getty; Google Maps)

Thomson Reuters is considering selling its stake in its Times Square headquarters.

The media company hired an advisor to solicit interest for the 50 percent stake it owns in the 885,000-square-foot building at 3 Times Square, Bloomberg News reported.

Pricing information wasn’t available, but at $800 per square foot the 32-story property could be worth roughly $700 million.

A spokesperson for Reuters told the publication that the company “regularly engage[s] with advisers to ensure that our real estate footprint best supports our workforce and their ability to serve our customers.” It may still decide to retain its stake in the building.

Reuters owns the Times Square office tower with Rudin Management. The property also has outdoor billboard space. Another tenant in the building, Bank of Montreal, said last year it would move into the Durst Organization’s One Five One, formerly known as 4 Times Square. That building got another major tenant this year when ByteDance, the parent company of TikTok, signed a lease for 232,000 square feet.

Thomson Reuters is the latest media company to reconsider its real estate footprint. CBS recently put its Eero Saarinen-designed headquarters, dubbed Black Rock, up for sale, but pulled the listing when the coronavirus pandemic shut the city down. Time Warner sold its office condominium at Hudson Yards last year in a sale-leaseback deal.

[Bloomberg News] — Rich Bockmann


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
From left: 608 Fifth Avenue, 22 North Loop Road, 38 West 36th Street (608 Fifth, Weiss/Manfredi, Morphosis, and Handel Architects, Apartments, Getty)
Top 10 Manhattan loans: Big lending enters deep freeze
Top 10 Manhattan loans: Big lending enters deep freeze
Sonesta Hotels’ John Murray and The Shelburne Hotel (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Affinia, Sonesta)
TRD Pro: Biggest hotel sales of the past year
TRD Pro: Biggest hotel sales of the past year
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
arrow_forward_ios

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

Loading...