New Class-A office towers are pulling offices tenants out of older buildings. In the fourth quarter of 2017, New York City’s Class-A office space experienced strong leasing activity while Class-B space suffered a decline in rental rates, according to new research by Coldwell Banker Commercial.

April 3, 2019 Comments Off on Related, WarnerMedia in $2B Sale-Leaseback at Hudson Yards Views: 897 New York News, Top New York

Related, WarnerMedia in $2B Sale-Leaseback at Hudson Yards

AT&T Inc.’s WarnerMedia unit has agreed to a sale-leaseback of its 1.5-million-square-foot space at 30 Hudson Yards, Bloomberg News reported. The deal is valued at more than $2 billion, according to Bloomberg.

Related and its investment partners would lease back the space to WarnerMedia for 15 to 20 years. Allianz SE and Invesco were among the bidders who held discussions to take a stake in the SLB mega-deal, Bloomberg reported.

Representing WarnerMedia, according to Bloomberg, is Cushman & Wakefield’s Doug Harmon. Harmon also represented WarnerMedia when it sold its headquarters in Columbus Circle to Related in 2014, a deal that served as a springboard for WarnerMedia relocating to Hudson Yards.

The 30 Hudson Yards deal wouldn’t be the first SLB at the Far West Side mega-project. Coach Inc. sold its stake in 10 Hudson Yards to Allianz in 2016.

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