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German financial giant leasing 1.1M sf at the complex
The Time Warner Center will be renamed for Deutsche Bank, which is leasing more than 1 million square feet at the complex.
The property will be renamed the Deutsche Bank Center, Commercial Observer reported. The German financial giant is taking 1.1 million square feet at the complex for 25 years.
Deutsche Bank, currently headquartered at 60 Wall Street, plans to move to the complex in the third quarter of 2021. The bank, one of the most active real estate lenders in New York, has seen its legal woes multiple as of late, with authorities last month raiding its German offices in relation to a money laundering scheme connected to the Panama Papers.
Related Companies developed the 2.8 million-square-foot Time Warner Center in 2003. When the complex’s namesake tenant inked a deal to relocate to Hudson Yards, it sold its office condo for $1.3 billion in 2014 to Related, the Singapore sovereign wealth fund GIC and the Abu Dhabi Investment Authority. [CO] – Rich Bockmann