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Related buys back office condo at 30 Hudson Yards

WarmerMedia is the seller

30 Hudson Yards (L) and 10 Hudson Yards (R)(Credit: KPF)

Related has won the bid to buy back WarnerMedia’s office condo at 30 Hudson Yards in a deal expected to top $2 billion, Reuters reported. The condo unit spans 1.5 million square feet, and takes up the 16th through 51st floors of the 101-story tower.

Be Smart: The deal was structured as a 20-year sale-leaseback. 

How we got here: Related and Oxford Properties sold office condos to Time Warner (Now AT&T’s WarnerMedia), Wells Fargo, and KKR during the development of Hudson Yards. These owner-occupied condo deals were instrumental in the financing of the project.

The backdrop: AT&T’s $85 billion takeover of Time Warner! The company now intends to shave $20 billion off its net debt of $171.3 billion.

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