NEW YORK CITY-Weighing the possible sale of its 1.1-million-square-foot headquarters, Time Warner has hired Eastdil Secured to determine the market value of the media giant's portion of Time Warner Center, according to published reports. A Time Warner spokesman confirmed a Reuters report saying that the company would make a decision by the end of the third quarter.
No decision has been made on whether to sell, lease back or consolidate at the twin-towered office portion of Time Warner Center, the spokesman told Bloomberg. The Time Warner Center also includes a retail component, a Mandarin Oriental hotel, condominium apartments and an underground parking garage; these would not be included in any sale of the headquarters space.
Reuters reported that Time Warner has looked at the Hudson Yards mixed-use project on the Far West Side. It might also consolidate at the Time Life building at 1271 Ave. of the Americas, or rent space at Brookfield Place in Lower Manhattan.
The Eastdil team is being led by Doug Harmon, senior managing director, published reports say. Harmon recently brokered the $1.1-billion sale of the Sony Building at 550 Madison Ave. to the Chetrit Group; Sony is leasing back space at the tower through at least 2016.
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