NEW YORK CITY-A tentative deal has been struck where Time Warner Inc. will shift its headquarters operations from its complex on Columbus Circle to the Hudson Yards project on 10th Avenue and 33rd Street.
The deal, which must meet the approval of the Time Warner Board this month, would have Time Warner acquire more than half the space in the 2.4-million-square-foot Hudson Yards tower from developer Related Companies. Time Inc., would move its executive offices to the new tower along with its HBO, Turner Networks, CNN and Warner Brothers offices, according to the New York Times.
In addition, Related, which is also planning to move its offices to the Hudson Yards project on the West Side, is leading an investment group that would pay Time Warner approximately $1.3 billion for the company's space at the Time Warner Center complex on Columbus Circle. Time Warner would lease back its space there for approximately five years, or until the new Hudson Yards tower was completed. See story in the New York Times.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
