Singapore plows $400M into group’s Time Warner HQ buy
Singaporean sovereign wealth fund GIC is contributing $400 million to the Related Companies-led $1.3 billion purchase of Time Warner’s headquarters in the Time Warner Center.
The new owners of the 1.1 million-square-foot space would lease the space back to Time Warner for approximately five years, at which point the media giant would move to an 80-story skyscraper planned for Related’s Hudson Yards. Time Warner, which owns the space in the Related-developed complex, put it on the market in April, enlisting the services of Eastdil Secured’s Doug Harmon and Adam Spies.
The move follows a recent wave of sovereign funds looking to diversify risk by moving their investments beyond bonds and into alternative assets such as real estate. For example, Norway’s sovereign wealth fund purchased a 45 percent stake in Boston Properties’ 7 Times Square in September for $684 million in cash. [FT] — Julie Strickland