Related Cos. Buys NYC Office Condo in $2.2B Sale-Leaseback
- Apr 25, 2019
WarnerMedia has agreed to sell its 1.5 million-square-foot office condo at a New York City office tower to an affiliate of Related Cos. in a sale lease-back worth approximately $2.2 billion. The deal is expected to close in the second quarter of this year. Cushman & Wakefield represented the seller in the deal.
The media company will lease the 30 Hudson Yards space, which will house its global headquarters across 26 floors, through early 2034. Proceeds from the transaction, along with other planned asset sales, will go toward reducing the company’s debt.
The 30 Hudson Yards tower rises more than 100 stories and houses 2.6 million square feet of office space. The LEED Gold-certified property officially opened last month, along with the entire 28-acre Hudson Yards development. WarnerMedia, a conglomerate that owns a slew of TV and media properties including HBO, Turner and Warner Bros., became a partner in the development of 30 Hudson Yards in 2014.
Last July, Related and Oxford announced that 30 Hudson Yards, the second-tallest building in New York City, topped out at 1,296 feet. The tower boasts an observation deck that is the tallest in the Western Hemisphere at 1,100 feet, extending 65 feet from the building.
In February, ride share giant Lyft inked a 100,638-square-foot lease at Cove Property Group’s creative office tower Hudson Commons, located within the Hudson Yards district.