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GIC, two others to buy New York office space for $1.65b

PropertyGuru

Singapore's GIC, and two other companies are buying over one-third of the office space in Time Warner Centre (pictured) in New York for $1.3 billion (S$1.65 billion), media and entertainment giant and property-owner Time Warner revealed.

Following its recent deal in Europe where the sovereign wealth fund bought 50 percent interest in a London office complex from Blackstone Group, GIC is now partnering with American real estate firm Related Companies and Abu Dhabi Investment Authority (ADIA) to buy the 1.1 million sq ft of office space in the Time Warner Center at Columbus Circle in New York.

Regional Head of Americas at GIC Real Estate Tia Miyamoto said: "Time Warner Center is one of the premier mixed-use projects in the country. We see significant upside in leasing the high quality office space following Time Warner Inc.'s planned relocation to 30 Hudson Yards. We believe strong demand for this first-rate office property will translate into a stable income stream which suits GIC as a long-term investor."

The deal will see the consortium leasing the office space back to Time Warner until early 2019, which will move HBO, CNN and other business units to Hudson Yards, also in New York.

The office space features two dedicated lobbies, ceiling heights ranging from over 13 feet to 27 feet, flexible floor plans as well as terraces with panoramic views of Central Park.

Image Source: Related Companies



Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg




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