Time Warner Casts Gaze at Far West Side

NEW YORK CITY-As it weighs a possible sale of its 1.1-million-square-foot headquarters space near Columbus Circle, Time Warner is looking west and south. A spokesman for the media giant tells GlobeSt.com that a Wall Street Journal report detailing his company's tire-kicking in the Hudson Yards area is “basically correct.” The WSJ article notes that a decision is expected in June, and the spokesman notes that this has been the company's general expectation, as well.

The scenario detailed in the WSJ report has Time Warner looking for about 1.3 million square feet, helping it to consolidate from 15 Manhattan locations, including its headquarters at the Time Warner Center. The Related Cos.' Hudson Yards development, Brookfield Office Properties' Manhattan West and projects from the Moinian Group and Extell Development Co. all were on the itinerary, and Time Warner may seek one or multiple Far West Side locations.

The possible relocation to the Far West Side would bring Time Warner's executive offices south from Columbus Circle, the WSJ reported. It would also entail relocating HBO employees from 1100 Ave. of the Americas. The company also leases space for its Time Inc. division, which will be spun off into a separate company, at 1271 Ave. of the Americas.

Increasingly, the company is leaning toward a sale of its headquarters space, according to the WSJ. In April, Bloomberg reported that Time Warner had hired Eastdil Secured to determine the space's value. Citing an unnamed source, the WSJ said the headquarters is expected to fetch more than $1 billion, joining the sale of the Sony Building at 550 Madison Ave. and NBC's acquisition of its 30 Rockefeller Plaza space in the nine-figure arena.