Related Companies is purchasing 1.5 million square feet of office space owned by WarnerMedia at 30 Hudson Yards for $2.2 billion.
An affiliate of Related Companies, the developer of Hudson Yards, has entered into a contract to purchase WarnerMedia’s approximately 1.5 million square foot office. WarnerMedia is the former Time Warner before it was acquired in 2018 by AT&T and renamed.
WarnerMedia became a partner in the development of the 30 Hudson Yards building in 2014. As part of the new agreement, Related will enter into a long-term lease-back until early 2034. The space will house WarnerMedia’s global headquarters across 26 floors. The parties expect the transaction to close late in the second quarter.
30 Hudson Yards was designed by global architects Kohn Pedersen Fox Associates (KPF) and offers state-of-the-art commercial office space and a direct connection to the Shops & Restaurants of Hudson Yards and a future direct underground connection to the No. 7 subway station. The 2.6 million square foot building features panoramic views of the city skyline and Hudson River, a dramatic ground floor lobby with an original installation by renowned artist Jaume Plansa and entrances off Tenth Avenue and Hudson Boulevard, directly adjacent to the subway entrance to the No. 7 subway. WarnerMedia employees have already moved into the building that is also home to KKR, Wells Fargo Securities, DNB Bank, and Related’s corporate offices, as well as the city’s highest outdoor observation deck, Edge.
Related Companies CEO Jeff Blau said, “Hudson Yards has shifted the center of gravity of New York City bringing visionary business leaders, dynamic retail, hotel and cultural amenities and gracious public space that welcomes the public to visit and enjoy. 30 Hudson Yards was planned as one of the most iconic office buildings in New York City and its execution has exceeded even our high expectations.”
30 Hudson Yards is located at 33rd Street and 10th Avenue in Manhattan.