Exclusive: Time Warner kicks off possible sale of NY headquarters
By Ilaina Jonas and Liana B. Baker
NEW YORK (Reuters) - Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building's value, potentially giving up on a monument to the dot-com era.
One source said the company could still hang onto its portion of the Time Warner Center, a complex that Chief Executive Jeff Bewkes once called an "indulgence."
Time Warner's 1.1 million square-foot headquarters is part of the larger Timer Warner Center, which the company now known as AREA Property Partners and Related Cos finished in Manhattan's Columbus Circle neighborhood in 2004.
The developers began building the complex soon after the media company announced its plan to combine with America Online in 2000. The development was originally to be known as the AOL Time Warner Center, but the "AOL" part was dropped by the time it opened in 2004.
The company's headquarters are in the south tower, which is topped with residential condominiums. The other tower houses condominiums and the Mandarin Oriental Hotel. They are connected by an upscale shopping mall.
RANGE OF OPTIONS
All totaled, Time Warner owns or occupies space in 15 buildings in the New York metropolitan area, with 10 in Manhattan. The $47 billion media giant owns the Warner Brothers movie studio, cable news channel CNN, premium TV service HBO, Turner Broadcasting and Time Inc.
Many media companies in New York have been on the move or plan to within the next couple of years. The most notable is Conde Nast, which plans to consolidate its operations and move to One World Trade Center 2014. Continued...