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.