Publications

Transactions - JANUARY 10, 2019

Two NYC assets for sale with billion-dollar price tag

by Andrea Zander

In two separate deals, owners of two New York City offices have plans to place them on the market with a billion-dollar price tags.

Media giant WarnerMedia is looking to sell its 1.4 million-square-foot office condominium space at 30 Hudson Yards in Manhattan for about $2 billion in a sales-leaseback transaction, according to various media reports, citing unnamed sources. WarnerMedia owns its office space, which spans the 16th through 51st floors.

WarnerMedia is an anchor tenant in the 90-story tower in the $25 billion development on Manhattan’s Westside. Hudson Yards is a mixed-use property being developed by Related Companies and Oxford Properties Group and is the most expensive real estate development project in U.S. history.

The media conglomerate that was finally merged with AT&T in June 2018 is seeking to reduce its debt load. At that time, AT&T valued the asset with the city at more than $1.4 billion, reported The New York Post.

In addition, the Abu Dhabi Investment Authority has plans to sell its 75 percent stake in 330 Madison Ave. in Manhattan, according to The New York Post.

The sales price is estimated to be $1 billion.

Vornado Realty Trust owns the remaining 25 percent stake in the 43-story, 849,372-square-foot office building, and markets and leases the building.

Office tenants include Guggenheim Partners, HSBC, Jones Lang LaSalle and Wells Fargo. And retail tenants include Citibank, Starbucks and Santander Bank.

CBRE Global Investors advises ADIA on its investments.

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.