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Old July 2nd, 2013, 12:28 AM   #2681
desertpunk
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Speaking about media companies, you never hear about Disney/ABC in NYC. IIRC, their last real estate move was in the 1980s. Viacom was always too conservative to go into a sexy new build. They've leased up 1515 Broadway for 20 years instead. Sumner Redstone is just such a phlegmatic old bag when it comes to managing the company. New blood there could stir some plans...
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Old July 2nd, 2013, 12:28 AM   #2682
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Quote:
Originally Posted by Vertical_Gotham View Post
I sure hope so.. That would be great for WTC. That is very interesting about News Corp. First time to hear about them looking for larger space. Exciting.
Newscorp is looking for over 1m sf of space. Maybe they'll stay on 6th, but they're looking at new space too.
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Old July 2nd, 2013, 12:38 AM   #2683
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Incredibly exciting news.

RW, can you speak to the fact that Related would be buying Time Warner's current HQ in this deal? Related is obviously very motivated for the North Tower to be ahead of the pack -- but depending on the price TW will pay for their new space, it's almost as though they're moving there for free, isn't it?

I'm wondering what Related would then do with the former HQ space. Are they simply that confident that they'll be able to find a new commercial tenant to fill it? Or might they try to convert the rest of the towers to luxury residential, to take advantage of that blazing hot market?

Last edited by MarshallKnight; July 2nd, 2013 at 12:42 AM. Reason: Clarity
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Old July 2nd, 2013, 02:09 AM   #2684
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I suspect that Related will reconfigure the TW space to condos with perhaps a very high-end hotel. I would not be surprised if there is around 500k sf of boutique office space.
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Old July 2nd, 2013, 04:31 AM   #2685
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Even the FT is reporting this story!

http://www.ft.com/cms/s/0/c0acad60-e...44feabdc0.html
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Old July 2nd, 2013, 04:37 AM   #2686
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NY's current list of recently completed or planned towers over 900 feet is amazing:

1. BofA
2. 875 Spruce
3. 1 WTC
4. 4 WTC
5. 2 WTC
6. 3 WTC
7. 30 Park Place
8. One 57
9. 105 W 57th
10. 225 W 57th
11. Coach Tower
12. New Time Warner Tower
13. Corsett Tower
14. Equin ox Tower
15. Girasole
16. One Hudson Yards
17. Tour Verre
18. 432 Park.5
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Old July 2nd, 2013, 01:30 PM   #2687
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An impressive list. Probably only Shenzhen does better.

I can't access the FT site btw, you need to sign in.
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Old July 2nd, 2013, 01:45 PM   #2688
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Awesome news here
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Old July 2nd, 2013, 02:19 PM   #2689
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Quote:
Originally Posted by RobertWalpole View Post
NY's current list of recently completed or planned towers over 900 feet is amazing:

1. BofA
2. 875 Spruce
3. 1 WTC
4. 4 WTC
5. 2 WTC
6. 3 WTC
7. 30 Park Place
8. One 57
9. 105 W 57th
10. 225 W 57th
11. Coach Tower
12. New Time Warner Tower
13. Corsett Tower
14. Equin ox Tower
15. Girasole
16. One Hudson Yards
17. Tour Verre
18. 432 Park.5
Bear in mind that many other projects that will happen at some point are not even included on this list, such as:

19. 1 Vanderbilt
20. Sherwood's Hudson Yards site
21. Related's old Coach site
22. Manhattan West 1
23. Manhattan West 2, etc.
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Old July 2nd, 2013, 03:00 PM   #2690
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Not only will TW's decision likely lead to the razing and redevelopment of the current HBO HQ, but it also might lead L&L to reconsider building 425 Park on spec since around 1m sf of very high end office space will be available when TW vacates Columbus Circle.
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Old July 2nd, 2013, 03:01 PM   #2691
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Yeah, + 80 South St (1018'), 34th&8, OneHY, ...

The current momentum is just incredible, yet the WTC is falling behind. Silverstein really needs to step up his game.
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Old July 2nd, 2013, 06:10 PM   #2692
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He's in his 80s working like mad trying to get tenants. Try to give him a break. I'm sure he'd love to be retired by now, yet he's committed to doing this. We should be thanking him for everything he's done already.
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Old July 2nd, 2013, 06:11 PM   #2693
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What a month it has been! Finally, One57 got the green light to move fwd and settle with it's neighbor (Alwyn Court). Then news for secured financing for 30 Park Place. News of financing in the works for Nordstrom and Tower Verre and finally, Time Warner is making the move to HY North Tower.

@robert

Totally agree. 425 Park should build on spec. They will not have any problems finding tenants, IMO. The location is prime in midtown. Even with competition for tenants with WTC and Hudson Yards, there will be companies that will prefer Midtown and nothing else.

Curious what Related will do with Time Warner. I think the best thing to do is convert the space to condo's considering how hot and in demand the luxury residential market is enjoying now. I don't think they would want to create more competition for office space IF their next move is to develop their freakin newly acquired One Hudson Yards.

Would it be wise for Related to create a problem like Brookfield is facing with Manhattan West if they want to start focusing on One Hudson Yards? It seems companies are preferring their massive Brookfield Place in lower Manhattan over their Manhattan West.

Since the Brookfield place just received $1b financing for the re-development, i would not blame them to focus leasing up Brookfield place rather than recommending Manhattan West first to their prospective clientele.

Anyway, with News of time warner i'm sure it's made the whole HY seriously desirable. Good news for the other projects there. Just my .02 cents.

Lets strap our seat belts fella's!! Things should get very interesting now.
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Old July 2nd, 2013, 06:13 PM   #2694
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Quote:
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Yeah, + 80 South St (1018'), 34th&8, OneHY, ...

The current momentum is just incredible, yet the WTC is falling behind. Silverstein really needs to step up his game.
The WTC will land tenants. I have said for the past 2 years that no proposal could compete with HY on price, and I was right -- notwithstanding many who wrongly predicted that Brookfield's MW could.

There are a lot of tenants looking for massive blocks of space.
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Old July 2nd, 2013, 06:16 PM   #2695
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Quote:
Originally Posted by Vertical_Gotham View Post
Curious what Related will do with Time Warner. I think the best thing to do is convert the space to condo's considering how hot and in demand the luxury residential market is enjoying now. I don't think they would want to create more competition for office space IF their next move is to develop their freakin newly acquired One Hudson Yards.
I doubt TW will be converted to residential. The buildings are pretty fat and the cost to do so is high. The buildings also aren't in as good a location as others going up, and they're considerably shorter, so prices for units would be a good bit less. I just don't see it happening.
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Old July 2nd, 2013, 06:34 PM   #2696
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Quote:
Originally Posted by L.A.F.2. View Post
I doubt TW will be converted to residential. The buildings are pretty fat and the cost to do so is high. The buildings also aren't in as good a location as others going up, and they're considerably shorter, so prices for units would be a good bit less. I just don't see it happening.
I agree. Anyway, I just read in the NY Times article that the agreement is for Time Warner to lease it's space from Related for 5 years until the North Tower is completed.

So thinking about it... I don't think Related would be creating self competition if they want to move forward with One Hudson Yards. That was my concern but it is not anymore because, Related would not have to worry about the space for at least 5 years.

The good news is since the platform for One Hudson has already had a head start, Related can now focus finding a anchor to start construction.

Lets say Related could find a tenant this year and start construction early next year, the Tower could be completed a couple of years ahead of the North tower. That would be the appeal for One Hudson Yards if a corporation is looking for something in the immediate future, IMO.
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Old July 2nd, 2013, 06:34 PM   #2697
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this was in the WSJ today. good news for HY, bad for WTC.

http://online.wsj.com/article/SB1000...694926666.html

Time Warner Deal Near
Media Giant Would Move to Hudson Yards and Sell Center to Related Cos.


A decade after its then-new headquarters helped anchor a Columbus Circle revival, Time Warner Inc. TWX +1.34% is poised to move again to a planned 80-story skyscraper developed by Related Cos. on Manhattan's far West Side, said multiple people familiar with the company's plans.

The company is close to a two-part deal with Related: The developer would not only build the new space but also purchase Time Warner's current headquarters for more than $1.3 billion, the people said.

These people cautioned that talks could still falter and a signed deal is likely weeks away.

But Time Warner is now negotiating exclusively with Related after undergoing a lengthy search for a new home in several neighborhoods that involved months of discussions with top landlords and owners.

The media giant, led by chief executive Jeffrey Bewkes, has looked to its real estate in recent years as a means to cut costs. The company plans to consolidate some of its divisions in the move. At the same time, the value of its existing headquarters has risen substantially.

Enlarge Image

Bryan Smith for The Wall Street Journal
The Time Warner Center, as seen in May.

"We are looking to act in a way where we can bring together and harness the human resources that we have in Manhattan," John Martin, the company's chief financial officer, said on a 2011 investor call, according to a transcript, "and rationalize our footprint and do it in a very, very cost-efficient way."

The deal would be a significant lift for Related's efforts on the West Side. The builder was chosen in 2008 as the designated developer of the $15 billion Hudson Yards project, a mixed-use mini-city on top of a 26-acre storage yard for the Long Island Rail Road.

The project is part of a larger effort by the Bloomberg administration to transform the gritty warehouse district into a commercial, retail and residential hub of gleaming new towers. The vision wobbled amid the faltering economy.

It has, however, more recently come into focus. Last year, Related began construction of the first office tower on the site, which is set to be anchored by Coach Inc., COH +0.11% and it has signed leases with tenants that include L'Oréal OR.FR -0.90% SA. Time Warner, however, is a weightier win for Related: A move would bring a high-profile brand and thousands of workers to an area that has remained a question mark in the minds of others.

The tower slated to be occupied by Time Warner at West 33rd Street and 10th Avenue would be—at 2.4 million square feet—the signature piece of the project and require the expensive step of constructing an approximately $750 million deck over the rail yards.

It was unknown how much Time Warner would pay Related to build its new space or how Related plans to finance both deals.

Time Warner and Related know each other well. A decade ago, Related built Time Warner's current headquarters, the 1 million square foot south tower of the Time Warner Center, located close to Central Park. Time Warner paid the developer about $520 million.

The development, along with a high-end mall owned by Related and luxury condos, helped turn the area into a popular shopping, entertainment and residential area.

Now, the companies are looking for a sequel on a grander scale on the West Side.

Enlarge Image

Under the terms of the deal being discussed, Time Warner would own between 1.1 million and 1.3 million square feet of space in the tower slated for West 33rd Street and 10th Avenue, the people briefed on the talks said. The tower would host Time Warner's main offices and those of subsidiary Home Box Office Inc., which currently leases many hundred thousand square feet in Midtown.

The consolidation is smaller than once envisioned, as the company's Time Inc. division—currently concentrated on Sixth Avenue—isn't going to be part of the move. Time Warner is in the process of spinning it off as a separate company.

It may take years to determine whether the second incarnation of Time Warner and Related's partnership will be as lucrative for both companies.

Moving can be a costly and disruptive endeavor, and it is still far from clear that the Hudson Yards development will be as big a draw as Columbus Circle. Related and its investors will likely need to fetch top-dollar rents in Time Warner's existing headquarters given the high price they are paying. Real estate executives who looked at the building said rents well in excess of $100 a square foot would likely be needed to justify a price of more than $1.3 billion.

Time Warner's search for new space has been long-running. More than two years ago, the company began considering consolidating all of its offices—currently about 4 million square feet—in one location, hiring brokerage Studley Inc. to advise on the search. The company considered planned developments including Related's project, Brookfield Office Properties Inc.'s BPO.T +0.91% West Side site and other buildings, including the new World Trade Center towers.

Then last year, Time Warner tapped an Eastdil Secured LLC team—led by broker Douglas Harmon—to market its Columbus Circle tower for sale. Last month, multiple local and international investors bid more than $1.2 billion, real-estate executives familiar with the process said.

But in recent weeks, Time Warner zoomed in on Related for both the move and the sale of its headquarters, the executives said. Still Time Warner hasn't formally parted ways with other developers, should something go awry in the deal with Related.
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Old July 2nd, 2013, 06:46 PM   #2698
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I doubt TW will be converted to residential. The buildings are pretty fat and the cost to do so is high. The buildings also aren't in as good a location as others going up, and they're considerably shorter, so prices for units would be a good bit less. I just don't see it happening.
There already are a lot of apartments and a Mandarin Oriental in the North Tower of the TWC.
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Old July 2nd, 2013, 07:07 PM   #2699
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So Time Warner will just move itself and HBO and Time Inc. will not be included in the move.


Quote:
Originally Posted by GeoDude View Post

The tower would host Time Warner's main offices and those of subsidiary Home Box Office Inc., which currently leases many hundred thousand square feet in Midtown.

The consolidation is smaller than once envisioned, as the company's Time Inc. division—currently concentrated on Sixth Avenue—isn't going to be part of the move. Time Warner is in the process of spinning it off as a separate company.
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Old July 2nd, 2013, 08:24 PM   #2700
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There already are a lot of apartments and a Mandarin Oriental in the North Tower of the TWC.
Wow, I didn't realize that. Then there probably is a chance it will be converted to residential (at least parts of it). Thanks.
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