Time Warner Announces New York Real Estate Development Plans

Time Warner

today announced that Time Warner has sold the 1.1 million square feet of office space it owns in Time Warner Center for $1.3 billion to a venture of Related Companies, an entity owned by the Abu Dhabi Investment Authority (ADIA) and GIC. The venture will lease office space back to Time Warner until early 2019. Additionally, Time Warner, Related Companies and Oxford Properties Group announced that Time Warner intends to relocate the Company's corporate headquarters and its New York City-based employees to Hudson Yards on the west side of Manhattan, and has accordingly made an initial financial commitment.