NEW YORK CITY-Although Time Warner Inc. hasn’t formally decided to put its headquarters space at 10 Columbus Circle on the market, the Wall Street Journal reported that the media giant has engaged three brokerage firms to determine its value. Eastdil Secured, Jones Lang LaSalle and Eastern Consolidated all have been approached, the WSJ says, citing unnamed sources.
Time Warner occupies approximately one million square feet of the two-tower, 2.8-million-square-foot Time Warner Center, which was developed by the Related Cos. and AREA Property Partners. That could put the market value of its office space at north of $1 billion, comparable to the $1.1 billion that Sony Corp.’s US headquarters at 550 Madison Ave. fetched in a sale-leaseback last month.
Possible scenarios for Time Warner, which occupies about four million square feet of office space at multiple locations across the city, include relocating to new construction on the Far West Side or Downtown, according to the WSJ. A spokesman for the firm did not respond to GlobeSt.com’s requests for comment by deadline Tuesday. To read the WSJ story, click here.