NEW YORK CITY-Bids for the office portion of the Time Warner Center are coming in at more than $1 billion with some of the higher proposals calculating out to about $1,180 per square foot.

The 1.1 million square feet of space, being marketed by Douglas Harmon and Adam Spies of Eastdil Secured, has fetched bids that have clustered to the $1.3-billion mark, according to the New York Post.

The office space includes the lower portion of the south tower and stretches over the retail podium and goes up into a portion of the north tower. The requirement also includes 100,000 square feet of studio space.

Among the bidders are: Japanese, Chinese, sovereign-wealth funds, pension funds, equity funds, local owners, users, pension funds and REITs, a knowledgeable source told the newspaper. See story in the New York Post.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.