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Time Warner
TWX 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.
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