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Sign in Sign up for a FREE subscriptionRelated Cos. to buy AT&T’s WarnerMedia headquarters for $2.2b
An affiliate of Related Cos. has plans to buy the global headquarters of AT&T’s WarnerMedia in Manhattan for $2.2 billion. In pricing, this is the largest Manhattan deal to date this year.
AT&T will use proceeds from this transaction, along with additional planned sales of non-core assets, to reduce its debt.
Related is the developer of Hudson Yards, a 14-acre Westside residential and retail development that opened in March. In 2014, WarnerMedia became a partner in the development of the building.
Located at 30 Hudson Yards, the office property totals approximately 1.5 million square feet. WarnerMedia’s global headquarters will occupy 26 floors of the 73-floor skyscraper. The firm is in the process of relocating from Time Warner Center in Columbus Circle to Hudson Yards.
As part of the new agreement, Related will lease back the space to WarnerMedia until early 2034.
The transaction is expected to close during second quarter 2019.
