Time Warner said it has sold its space in the Time Warner Center for $1.3 billion and plans to move its corporate headquarter to a new development on the west side of Manhattan.
The company has leased the office space in the Columbus Circle building until 2019 from the buyers, Related Companies, owned by the Abu Dhabi Investment Authority and GIC.
“The sale of our office space in Time Warner Center to Related Companies and its partners is an important step toward moving our New York City-based employees into a dynamic new complex that will foster even more collaboration, creativity, and efficiency across our businesses,” Jeff Bewkes, CEO of Time Warner said in a statement.
“We began a process two years ago to evaluate our commercial real estate footprint within the New York Metropolitan area, where we currently own and lease space in seven buildings,” Bewkes said. “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.”
Time Warner opened Time Warner Center in 2004 with a glitzy star-studded party.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.