Posted Apr 30, 2012, 10:47 PM
|
|
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,838
|
|
http://online.wsj.com/article/SB1000...02304050304577
374281031930856.html?mod=googlenews_wsj
A Deal for Time Warner
6,500: Number of employees Time Warner has in the New York region
April 30, 2012
Laura Kusisto
Quote:
At first, Tom Santiago hesitated when he was approached by Time Warner Inc. last year about overseeing its New York search for a possible new headquarters. At the time Mr. Santiago was head of real estate at Citigroup and figured that the company that owns such flashy businesses as Home Box Office and produces movies like Harry Potter would be "looking for a larger than life" type, he says. "They assured me, 'That's exactly what we don't want,'" says Mr. Santiago, an avid fisherman who also spends his off-hours as a mentor to city high school students.
Mr. Santiago took the job and now he's the man behind one of the most closely watched Manhattan office space searches in years. He must help Time Warner decide what to do with its office portfolio in New York, where it owns space in Columbus Circle and leases space at 1100 and 1271 Sixth Ave. It totals some 4 million square feet (equal to about 1½ Empire State Buildings).
Needless to say, Mr. Santiago is very popular with Manhattan landlords and developers these days. Getting the nod from Time Warner, for example, would virtually guarantee that Related Cos. or Brookfield Office Properties Inc. would be able to move forward with massive new projects on Manhattan's west side. Or it would super-charge Larry Silverstein's developments at the World Trade Center.
Or Time Warner could simply decide to remain in its current headquarters at Columbus Circle. The company is being assisted in its search by a team of brokers at Studley Inc. led by Mitchell Steir, the company's chief executive, and Michael Colacino. The move could also prove contentious, because it involves moving some 6,500 full-time employees, maybe some to New Jersey and Connecticut to cut costs. Also, Time Warner divisions as Time Life and HBO have traditionally been in separate buildings and some at those units might like it to stay that way.
Late Friday afternoon, Time Warner sent out requests for proposals to virtually all of the city's largest developers including Sherwood Equities Inc., Brookfield Office Properties Inc., Extell Development, Related Cos., Boston Properties Inc., Rockefeller Group, Vornado Realty Trust, Alloy Development and Silverstein Properties. The company plans to make a decision by the end of the year.
|
__________________
NEW YORK is Back!
“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.
|