By Ilaina Jonas
NEW YORK, April 11 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 (102,193
square meters) 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
But Time Warner owns or rents 15 locations within the New
York metropolitan area and is looking to shrink its footprint
"This is one of the last pieces of the data to help us
figure out our final decision," Keith Cocozza, a Time Warner
The company is weighing 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 take 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.
Harmon recently led the Eastdil team in the $1.1 billion
sale of Sony Corp's U.S. headquarters in Manhattan to
the Chetrit Group, a U.S. real estate developer. It was highest
price paid for a single U.S. office building since Google Inc
bought its New York site for $1.8 billion two years
ago, a deal that Harmon also brokered.
Both Harmon and Martha Wallau, Eastdil's spokeswoman, could
not be reached for an immediate comment.
The Sony Building attracted bidders from companies,
individuals and sovereign wealth funds from around the world,
including Asia and Middle East.
International buyers remain on the prowl. A group of Chinese
investors including Zhang Xin, chief executive of commercial
real estate developer Soho China Ltd, is nearing a
deal to buy a 40 percent stake in the General Motors building in
Manhattan. The deal would value the GM Building at $3.4 billion.
A delegation from Qatar recently was in the United States
scouting for properties, two sources said.
Foreign buyers are attracted to New York office buildings
because of the stability of their investment.
Time Warner owns the Warner Brothers movie studio, cable
news channel CNN, premium TV service HBO and Turner
Broadcasting; it plans to spin off Time Inc.