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.