Time Warner hires Eastdil to market its New York headquarters
NEW YORK (Reuters) - Time Warner Inc said on Thursday that it has hired Eastdil Secured LLC's Doug Harmon to market its headquarters to determine how much the building would fetch should the company decide to sell it.
The media conglomerate's 1.1 million square-foot headquarters is part of the larger Time Warner Center. Within the larger center, which was completed in 2004 and includes a Mandarin Oriental hotel, a shopping mall, underground parking and condominiums, Time Warner owns only its headquarters.
But Time Warner owns or rents 15 locations within the New York metropolitan area and is looking to shrinking its footprint and consolidate.
"This is one of the last pieces of the data to help us figure out our final decision," Keith Cocozza, a Time Warner spokesman, said.
The company is weighting various options, including keeping the building and consolidating within it, or selling the tower and leasing it back. It also could sell the building and consolidate within a couple of buildings, Cocozza said.
Time Warner has been scouting possible locations in the Hudson Yards project being built on Manhattan's far west side. It also could consolidate at the Time Life Building in midtown and additional space downtown at the World Trade Center or the nearby World Financial Center, now called Brookfield Place.
The company expects to make a decision and finalize a plan before the end of the third quarter, Cocozza said.
(Reporting by Ilaina Jonas; Editing by Leslie Adler)