New York’s Time Warner Center Gets Rare Vacancy as Charter Exitsby and
Charter Communications Inc. will leave its New York office space at the Time Warner Center in Columbus Circle when its lease expires at the end of this year, leaving the Related Cos.-owned tower with its first available office space since it opened in 2004.
Related is currently marketing the space to new tenants, seeking about $150 per square foot, according to a person familiar with the matter, who asked not to be identified discussing private information. The twin-tower Time Warner Center, which overlooks New York’s Columbus Circle with views of Central Park, is also losing media giant Time Warner Inc., which is moving to Related’s Hudson Yards project in a few years.
Charter, which inherited the lease when it acquired Time Warner Cable Inc. last month, will move a small number of employees to its Stamford, Connecticut headquarters, spokesman Justin Venech said. Most Time Warner Cable employees in New York City work in operations and will stay in other locations in Manhattan, he said.
Charter closed its $55 billion takeover last month and said it intends to phase out the Time Warner Cable brand, which has earned low marks from customers for years. The company has said the deal would help cut $800 million a year in overlapping costs. Related declined to comment.
The New York Post reported the plans late Monday.