Related Companies, Abu Dhabi Investment Authority, and Singapore’s GIC have secured $1.1 billion to refinance its office space at the Time Warner Center (AKA 10 Columbus Circle).
Dig Deeper: The partnership paid $1.3 billion to the media giant (now WarnerMedia) for the 1.1 million SF office condo in 2014. The deal was structured as a five year sale-leaseback with Time Warner.
Worth Noting: Deutsche Bank agreed to take over the office space last year, and is expected to move from 60 Wall Street in 2021. The building will be rebranded as the Deutsche Bank Center.
Financing details: The package includes a nearly $725 million refinanced mortgage, a $120 million building loan, and a $255 million project loan, according to TRD citing public records. Wells Fargo is the administrative agent on the deal.
Be Smart: Related + Allianz Real Estate recently bought back WarnerMedia’s office condo at 30 Hudson Yards for $2.2 billion. Interestingly, Time Warner’s initial deal at Hudson Yards was the impetus for the sale of 10 Columbus Circle.