Time Warner has hired Eastdil Secured’s Doug Harmon to market its 1.1 million-square-foot Midtown headquarters and determine what the media conglomerate would receive for the building, Reuters reported.
The media behemoth is preparing to leave the Time Warner Center or consolidate its more than 4 million square feet of New York City office space. If the company does decide to sell, the building, located by Columbus Circle, could command prices of roughly $1,000 per square foot for a total price north of $1 billion dollars.
In February, Time Warner had reached out to Eastdil Secured, Jones Lang LaSalle and Studley to aid in the property’s valuation.
“This is one of the last pieces of the data to help us figure out our final decision,” Keith Cocozza, a Time Warner spokesman, told Reuters.
The company is mulling over several options, including consolidating its space within the building, selling the tower and leasing it back, or selling the building and moving to a new location, Cocozza added, and said a plan would be finalized before the end of the third quarter.
Over the last two years, the company has been considering new locations, including the West Side rail yards and Brookfield Place. [Reuters] —Hiten Samtani