- 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.
Time Warner nears sales of Manhattan HQ for $1.3B
Jan 15 2014, 05:04 ET