Stephen Ross Talks The Related Companies' Purchase Of Time Warner Building
The Related Companies founder and chairman Stephen Ross appeared on CNBC's Squawk Box Wednesday morning where he discussed buying Time Warner's (NYSE: TWX) Columbus Circle building and headquarters, Time Warner Center, for $1.3 billion amid the media conglomerate's plan to move into New York City's New Hudson Yards building, the mixed-use building that centers the Hudson Yards Redevelopment Project also owned by The Related Companies.
“We built the Time Warner building, and they had owned their space. [I]t's never been on the market before and so it's become one of the preeminent buildings in New York…Talking about Hudson Yards, I think that's really where it's going to be the new kind of heart of New York, which I've made those bold statements,” said Ross.
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“And I think by having Time Warner moving there and what we offer, and we're the world's going in terms of, or where New York is going in terms of what the companies want in the future, you know, with new space and how they want to densify, the workforce in their space that really allowed us to make sure that Hudson Yards would really take hold. We're going to have, this year, we'll have [8.5 million] square feet under construction.”
Ross said that many buildings in New York are obsolete in terms of acting as efficient workspaces.
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