The entertainment giant’s employees may soon become participants in an ambitious attempt to spiff up a dreary Manhattan neighborhood around a rail yard. Time Warner has a tentative agreement to move its headquarters from Columbus Circle to a new 80-story skyscraper planned for the industrial Hudson Yards area around 10th Ave and 33rd St., The New York Times reports. Real estate power Related Companies plans to pay Time Warner $1.3B for its current space and then lease it back so operations can stay there until the new building is up — expected in about five years. Time Warner would then buy at least half of the space in the new tower, which the paper says will “presumably” be called the Time Warner Center. Corporate chiefs will move there, along with local operations for HBO, Turner Networks, CNN and Warner Bros. Time Warner is spinning off its Time Inc. magazine business. Related has big plans for the area, including a luxury mall, a residential building, and a mixed-use tower that will include a hotel and condos as well as offices. CEO Jeff Bewkes began the process of finding new headquarters two years ago.
Time Warner Prepares To Move To NYC’s Hudson Yards: Report
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