Time Warner Inc. announced this week that it had sold its 1.1 million square foot headquarters building in Manhattan for $1.3 billion to a venture of Related Companies, an entity owned by the Abu Dhabi Investment Authority (ADIA) and GIC in a sale-leaseback deal. While Time Warner will continue to lease its current office space until early 2019, the company has plans to relocate to 30 Hudson Yards in the office development by Related and Oxford Properties Group, expecting to acquire more than one million square feet and occupy the space by the end of 2018. Eastdil Secured's Douglas Harmon, Adam Spies and Kevin Donner represented Time Warner in the transaction with the Abu Dhabi fund. Studley is representing Time Warner and CBRE is representing Related and Oxford with respect to Time Warner's planned acquisition of space in Hudson Yards for its new corporate headquarters.
"We see significant upside in leasing the high quality office space following Time Warner Inc.'s planned relocation to 30 Hudson Yards. We believe strong demand for this first-rate office property will translate into a stable income stream which suits GIC as a long-term investor," said Tia Miyamoto, regional head of Americas at GIC Real Estate. "Time Warner Center is one of the premier mixed-use projects in the country."
Oxford Chief Executive Officer Blake Hutcheson said, "Time Warner has shown incredible vision not only in its core business of storytelling, but also in its commitment to establishing a collaborative and creative space. We are very excited to partner with Time Warner alongside Related, and to deliver a business community in which Time Warner will simply thrive."
Time Warner Center is a 2.8 million-square-foot mixed-use complex at the southwest corner of Central Park, which, in addition to office and flex space, also houses a Mandarin Oriental hotel, Jazz at Lincoln Center and some of the city's most expensive condominiums. The long-anticipated Time Warner Center purchase works out to about $1,182 per square foot, according to a CoStar report.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment