Pursuits
Time Warner Sells Manhattan Headquarters for $1.3 Billion
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Time Warner Inc. sold its headquarters space at Time Warner Center in New York City’s Columbus Circle for $1.3 billion to a group led by Related Cos., with plans to move to the developer’s Hudson Yards project.
Related, which built Time Warner Center in the early 2000s, is teaming with the Abu Dhabi Investment Authority and the Singapore sovereign-wealth fund GIC Pte to acquire the 1.1 million-square-foot (102,200-square-meter) space, Time Warner said today in a statement. Time Warner Center, a 2.8 million-square-foot two-tower complex at the southwest corner of Central Park, also has a Mandarin Oriental hotel, Jazz at Lincoln Center and some of the city’s most expensive condominiums.