Exclusive: Time Warner asks brokers for value of New York headquarters
NEW YORK (Reuters) - Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building's value, according to two sources familiar with the situation.
The company is considering a wide range of options, including selling the midtown Manhattan building and leasing it back, moving more employees into the building and closing other New York offices, or moving out from the building entirely, one source said on Wednesday.
Time Warner owns or occupies space in 15 buildings in the New York metropolitan area, with 10 in Manhattan, the source said.
The company has been evaluating its real estate needs for at least a year and hopes to finalize a plan by the end of 2013.
The office building is part of a construction project that Apollo Real Estate Advisors, now called AREA Property Partners, and related companies finished last decade. The project was originally called the AOL Time Warner Center but was renamed the Time Warner Center after the media company changed its name to distance itself from its disastrous merger with America Online.
The Time Warner Center is easily recognized by its two towers that include residential condominiums, the Mandarin Oriental Hotel and a shopping mall.
The $47 billion media giant owns the Warner Brothers movie studio, cable news channel CNN, premium TV service HBO, Turner Broadcasting and Time Inc.
When it reports fourth-quarter results on February 6, analysts expect revenue to be higher than a year ago, at $8.24 billion, according to Thomson Reuters I/B/E/S.
The stock was up 0.4 percent to $50.28. Its shares have risen about 37 percent since January, 2012.
(Reporting by Ilaina Jonas and Liana Baker; Editing by Lisa Von Ahn)
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