Monday, January 20, 2014

New York

Time Warner Centre

Government of Singapore purchase Time Warner Centre 

GIC venture buys space in Time Warner Center
It will lease the 1.1m sq ft of space back to Time Warner till 2019
GIC has sealed a deal to buy office space in New York City's Time Warner Center with two partners, the Abu Dhabi Investment Authority (ADIA) and US real estate firm Related Companies, for US$1.3 billion -

[SINGAPORE] GIC is close to snapping up a part of New York City's Time Warner Center, an iconic, 229m twin-tower mixed-use complex in the south-western corner of the city's famed Central Park.

The Business Times understands that GIC is part of a consortium in the final stage of talks with Time Warner Inc to buy the 1.1 million square feet of office space that the latter owns. The consortium will then lease the space back to Time Warner Inc.
A source close to the deal said that GIC will be forking out US$400 million, which will give it a "substantial stake" of the Grade A office space Time Warner Inc is selling.
The consortium is said to have fought off offers from interested parties, including a sovereign wealth fund.  -- 2013 November 11 

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

Singapore's GIC, and two other companies are buying over one-third of the office space in Time Warner Centre 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.  
-- 2014 Jan 21  Yahoo! Finance Singapore

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