Posted Apr 26, 2012, 12:09 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.nytimes.com/2012/04/26/ny...-building.html
With New Lease, Viacom Commits to Times Sq.
By CHARLES V. BAGLI
April 25, 2012
Quote:
With Viacom now out of the market, developers are focusing on media and technology companies like Time Warner, rather than financial companies, as a possible anchor tenant for a new office tower they are all eager to build, whether it is in Midtown, downtown or on the Far West Side of Manhattan.
Last year, Jeffrey L. Bewkes, the chief executive of Time Warner, expressed his desire to consolidate the company’s operations, which include HBO, Time Inc., Warner Brothers and CNN, in new quarters by 2017. He described the company’s current headquarters at the Time Warner Center as “indulgent” and said he hoped to save tens of millions of dollars by moving to a new, less-expensive space. Earlier this month, Time Warner’s real estate broker, Studley, asked roughly a dozen developers to submit preliminary proposals for from one million to three million square feet of office space.
The developer Larry Silverstein submitted information about the towers he is building at the World Trade Center, while Brookfield proposed either the World Financial Center downtown, or, better yet, the company’s large development site across Ninth Avenue from the Farley Post Office.
Alloy Development, in a partnership with Boston Properties, threw its West Side site, between 35th and 36th Streets, into the mix. And separately, Boston Properties, in partnership with Related Companies and Extell Development, offered an office site on Eighth Avenue at 45th Street. Extell also submitted plans for a tower on 11th Avenue, opposite the Jacob K. Javits Convention Center.
Related, which built the Time Warner Center, has also proposed building a new headquarters for Time Warner at the southwest corner of 33rd Street and 10th Avenue, as part of its 26-acre Hudson Yards project. Related has told city officials that it plans to start work on a new headquarters for Coach in October on a site nearby.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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