Acquisitions
Related buys back office condo at 30 Hudson Yards
Published on
WarmerMedia is the seller
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.
