search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
New York

Time Warner officially announces Hudson Yards move, Columbus Circle sale

From left: 10 Columbus Circle and a rendering of the Hudson Yards Development Project
From left: 10 Columbus Circle and a rendering of the Hudson Yards Development Project

Time Warner Inc. officially announced the planned move of its media headquarters from Columbus Circle to the Related Companies’ Hudson Yards development on the far West Side.

Sign Up for the undefined Newsletter

Time Warner also confirmed the $1.3 billion purchase of its current home by a Related-led group of investors. Middle Eastern sovereign wealth fund Abu Dhabi Investment Authority and Singaporean wealth fund GIC are reportedly investing in the purchase, though the exact stake of both investors is not certain. GIC pledged $400 million to the acquisition in November, but that amount is reportedly still being negotiated.

Time Warner plans to consolidate its executive offices, as well as its HBO, Turner Broadcasting and Warner Bros. divisions in a brand new 1,227-foot tower at 10th Avenue and 33rd Street in 2019, according to the New York Times. In the meantime, the media behemoth will remain in its current location, where it will lease from Related for about five years, or until the new tower is complete, according to earlier reports. [NYT] — Julie Strickland 

Tags
Hudson YardsTime Warner Center