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(UPDATED) Related Wins Bid for WarnerMedia’s Offices at 30 Hudson Yards

The sale leaseback deal is expected to exceed $2 billion.

30 Hudson Yards rendering/ Image courtesy of Hudson Yards 30 Hudson Yards rendering/ Image courtesy of Hudson Yards

NEW YORK CITY—Related Companies has won the bid to acquire WarnerMedia’s office condominium at 30 Hudson Yards. This was first reported by Reuters. The price for the 1.5 million square-foot space is said to top $2 billion. The office space spans the 16th through 51st floors in the 2.6 million square-foot skyscraper.

A source close to the deal tells GlobeSt.com that Related offered WarnerMedia a 15 to 20 year lease, and space contraction rights which no one else likely would be willing to offer. Also some believe that Related uniquely was able to offer to take on certain repair and maintenance obligations for WarnerMedia since Related runs the condominium regime in the overall project.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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