The Time Warner Center is about to be sold. The Wall Street Journal reports that Time Warner is nearing a deal with Related Companies to sell the building for $1.3 billion.
Time Warner’s goal since it asked Eastdil Secured to market the building in April has been to consolidate space. If the Related deal goes through, Time Warner would relocate to a building in Hudson Yards that Related plans to develop.
Time Warner Center, which has been open since 2003, was built by Time Warner for about $520 million.