Time Warner Inc. (New York) announced it was selling its existing headquarters, about 1.1 million square feet in the Time Warner Center on Columbus Circle, and will move to a new, 80-story skyscraper on the far West Side of Manhattan being called Hudson Yards.
The new owners, two sovereign wealth funds and the Related Cos. (New Yiork), have acquired the property for $1.3 million.
Related, which developed the Time Warner Center in 2003, is also the developer of Hudson Yards.
The new property, being developed over former railyards between 10th and 12 avenues and between 30th and 33rd street, is expected to bring an infusion of retailing and customer foot traffic to the neighborhood. That was also the hope when Time Warner Center opened on Columbus Circle.
In the spring of 2013, Related signed a deal with Coach Inc. (New York) to be the anchor tenant for the first office tower, a 52-story building going up at the northwest corner of 30th Street and 10th Avenue. L’Oréal USA (New York) has since joined Coach in the building now under construction.