- Posted at 10:43, November 14, 2013
- By Russ Bleemer
Bloomberg News reported that more of the groundwork is now in place that will move Time Warner Inc. down the West Side to Hudson Yards from its Columbus Circle home of about a decade.
A private deal, says the news service, will make Singapore’s sovereign wealth fund, GIC Pte, part of a group that buying the two Time Warner buildings, which also contain a mall, and the Mandarin Oriental hotel.
The report says that lead developer, New York’s Related Cos., “is in final negotiations to buy the media company’s 1.1 million square feet of space for about $1.3 billion,” for which GIC would be a partner.
The article says that Cushman & Wakefield Inc. is the 2.8 million-square-foot property’s broker.
Bloomberg News reported that the Time Warner Center deal “is similar to the state fund’s purchase of San Francisco's 101 California St. tower” last year, valued at about $900 million.
Meantime, the article says it would take five years for Related to build a Hudson Yards tower farther downtown for Time Warner to move into, so the media giant would lease back the sold space until it could move.
Related's website on the Hudson Yards project can be found here.
“Time Warner has been searching for a more cost-effective real estate presence,” Bloomberg News notes, “where its offices are spread among several Midtown buildings.