Time Warner (NYSE:TWX) has sold $1.3 billion of commercial real estate to Related Companies – an entity owned by the Abu Dhabi Investment Authority and GIC – in a sell and lease back arrangement. Time Warner will continue to lease 1.1 million square feet of office space in the Time Warner Center until 2019.
The prestigious address in Columbus Circle, Manhattan, New York will no longer play host to the company’s headquarters, which will move to Hudson Yards.
Time Warner Chairman and CEO Jeff Bewkes explained the move thus:
“By consolidating our space to Hudson Yards, New York’s next great neighborhood, we will be able to reallocate substantial savings to our primary business of creating and sharing great storytelling in television, film, and journalism with audiences around the world.”
Related Companies led the development of Time Warner Center in Columbus Circle, with 2.8 million square feet of mixed-use vertical real estate, which opened in 2004.
