Columbus Circle

Time Warner Seeking Property Valuations As it Prepares for Move

Posted on February 3, 2013 ยท Posted in Leasing

Time Warner recently reached out to brokers to get a valuation of their Columbus Circle headquarters as they look at consolidating their footprint in Manhattan.

The media giant which includes Time Inc. and HBO occupies more than 4 million square feet of space and has been looking for ways to consolidate their presence in order to cut costs. The company owns their aptly named Time Warner Center headquarters but that only accounts for roughly 25 percent of their overall footprint and the company will likely sell the property should they decide to relocate.

According to sources familiar with the project, the company has been searching for two years for space that would be able to accomodate their needs but even large complexes like Brookfield Place might not have the type of space that their divisions would require.

Another problem facing the company is whether employees would be willing to add an extra 20-30 minutes to their commute time. Any time a company decides to relocate, there is a certain level of attrition with regards to employees unwilling to extend their commutes and this is amplified in an environment like New York City where average commutes are already nearly an hour.

Since there are so many factors to consider when relocating, contact one of our agents today and we can develop a comprehensive commercial real estate plan to consolidate existing space and save you money.