Jan 16 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
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 -