Time Warner Inc. officially announced the planned move of its media headquarters from Columbus Circle to the Related Companies’ Hudson Yards development on the far West Side.
Time Warner also confirmed the $1.3 billion purchase of its current home by a Related-led group of investors. Middle Eastern sovereign wealth fund Abu Dhabi Investment Authority and Singaporean wealth fund GIC are reportedly investing in the purchase, though the exact stake of both investors is not certain. GIC pledged $400 million to the acquisition in November, but that amount is reportedly still being negotiated.
Time Warner plans to consolidate its executive offices, as well as its HBO, Turner Broadcasting and Warner Bros. divisions in a brand new 1,227-foot tower at 10th Avenue and 33rd Street in 2019, according to the New York Times. In the meantime, the media behemoth will remain in its current location, where it will lease from Related for about five years, or until the new tower is complete, according to earlier reports. [NYT] — Julie Strickland