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Related and Allianz team up at 30 Hudson Yards

WarnerMedia is the seller for $2.2 billion

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

Related has entered into contact to buy back WarnerMedia’s office condo at 30 Hudson Yards for $2.2 billion. Allianz Real Estate is joining Related in the deal, taking a roughly 45 percent stake in the asset, CO reported. The condo unit spans 1.5 million SF, and takes up the 16th through 51st floors of the 101-story tower.

Be Smart: The deal was structured as a sale-leaseback in which the media giant will continue to occupy the office space through 2034. It was first reported by Reuters earlier this month.

How we got hereRelated 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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