Time Warner Nearing Sale of Its Headquarters
According to two sources said on Monday, Time Warner Inc is in discussion to buy a new world headquarters in Manhattan. It also planned to sell its current space to Related Cos, a real estate developer. The deal was priced to be more than US$1.3 billion.
Time Warner is also in talks with other parties who are interested in acquiring its current headquarters. This is seen as a backup plan in case the discussions with Related fell apart. This was according to one source familiar with Time Warner's thinking. Related Cos real estate developer helped to build Time Warner's current space near the Central Park of Manhattan.
A US$12 billion development project known as Hudson Yards was planned after successful acquisition of the new buildings by Time Warner. Related Cos is one of the developers for the building towers that will be situated on the 26-acre site. Time Warner is also in discussions with Brookfield, another real estate developer for the Hudson Yards project.
Related and Time Warner has not reached an agreement on the broader terms of any deal for the latter's headquarters.