Time Warner nears sales of Manhattan HQ for $1.3B

|About: Time Warner Inc. (TWX)|By:, SA News Editor

Time Warner (TWX) is reportedly close to selling its headquarters in Manhattan to Related Cos. for $1.3B.

Much of the financing is coming from sovereign-wealth funds from Abu Dhabi and Singapore, highlighting the foreign demand for U.S. commercial real-estate, which has helped send prices to record levels.

Time Warner would see a healthy profit from the deal, having spent $520M around ten years ago to construct its HQ. The company would move to a new building that Related intends to develop in the Hudson Yards project on Manhattan's far West Side, although the latter firm still needs financing for the scheme.