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COMMERCIAL OBSERVER --Stephen Ross’ West Side Story
January 28, 2014
The Related Chief on moving Time Warner to Hudson Yards and the folly of a cold weather Super Bowl
Time Warner Inc. was rumored to be eyeing space at Hudson Yards as early as last spring, but only this month did the company confirm it would anchor Related Companies’ 30 Hudson Yards, an 80-story tower on the Far West Side. Concurrently, Related agreed to a deal to buy back the Time Warner Center in Columbus Circle for $1.3 billion and will market space there for the first time since the building came online a decade ago. The complex deals, which include a significant financial commitment to Hudson Yards by Time Warner, are vital for the ambitious development and another victory for Related Chairman Stephen Ross, who has long championed the viability of his plans for the once-barren pocket of Manhattan.
Time Warner will join Coach, L’Oreal USA and SAP as the marquee tenants at Hudson Yards, where the first commercial building is set for completion next year. With a revitalized lower Manhattan competing with Hudson Yards for tenants, there’s no time to celebrate. More development is on the horizon, with a 32-story apartment tower close to completion, 30 Hudson Yards slated for 2018 and 55 Hudson Yards in the pipeline. Mr. Ross spoke to The Commercial Observer last week about the significance of the Time Warner deals. The Miami Dolphins owner also revealed both his Super Bowl pick and his skepticism regarding a cold-weather game.