April 24, 2019
AT&T said Wednesday that its WarnerMedia operating unit had agreed to a sale-leaseback of its headquarters space at 30 Hudson Yards for approximately $2.2 billion.
Bloomberg News had reported earlier this month that WarnerMedia and Related Companies, the developer of the Hudson Yards mega-project, had reached an SLB agreement for the 1.5-million-square-foot space. Exact terms of the deal weren’t clear when Bloomberg reported the news three weeks ago.
WarnerMedia agreed to lease the space at 30 Hudson Yards through early 2034. AT&T will use proceeds from the Related deal, along with additional planned sales of non-core assets, to reduce its debt.
Representing WarnerMedia in the 30 Hudson Yards deal was Cushman & Wakefield’s Doug Harmon, Bloomberg reported earlier this month. Harmon had also represented WarnerMedia, then called Time Warner, in the sale of its Columbus Circle headquarters space to Related in 2014.
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