Time Warner to relocate New York headquarters
(Reuters) - Time Warner Inc will relocate its Manhattan corporate headquarters to the Hudson Yards development from Columbus Circle in a move to bring all its business units from HBO to CNN under one roof and save money.
The media conglomerate said on Thursday it sold the space it owns in the Time Warner Center at Columbus Circle for $1.3 billion to real estate company Related Companies, an entity owned by the Abu Dhabi Investment Authority (ADIA) and fund management company GIC.
Time Warner will lease the office space at Columbus Circle until early 2019. Additionally, the media company made an undisclosed financial commitment to Related Companies and Oxford Properties Group, the developers behind the Hudson Yards, to relocate all of its divisions to the west side of Manhattan.
Time Warner currently owns or leases space in seven buildings.
Time Warner Chief Executive Jeff Bewkes said in a statement the move is to bring all of the company's employees together to foster more collaboration and to reallocate substantial savings to its business.
It moved to Columbus Circle - a mix of office space, a shopping mall, condominiums, and the Mandarin Oriental Hotel - in 2004.
- Rebellious Nevada rancher's slavery remarks dim Republican support
- Ukraine forces kill up to five rebels, Russia starts drill near border |
- Search for missing Malaysian jet may take years: U.S. official
- Boy and girl on Korean ferry drowned with life jackets tied together |
- Exclusive: Obama may call EU leaders in Russia sanctions push - sources