Posted Apr 30, 2012, 10:49 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,691
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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.
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http://mycrains.crainsnewyork.com/bl...0%99s-giga-op/
Time Warner’s giga-op
April 30, 2012
by Erik Ipsen
Quote:
One of the contestants in that game got a well-timed boost on Monday morning with the papers trumpeting the news on their front pages that this will be the day that New York City gets a new holder for the title of tallest building. When they bolt a new column in place up on the 100th floor of 1 World Trade Center, its top end will loom 1,271 feet above ground level, according to The New York Times. The owners of the erstwhile No. 1 tower, the Empire State Building, graciously sent their congratulations. “We’ve watched you grow, and now we salute you,” was the message sent from up on West 34th Street and Fifth Avenue. That building is now 21 feet shorter than 1 WTC, and it’ll be 226 feet shorter by next year, when the antenna atop the building is finished.
With Condé Nast slated to be the anchor tenant in that spire and with downtown clearly on the rebound—and destined to garner a lot of favorable publicity in coming months—the prospects for that old fox Larry Silverstein landing Time Warner are getting better by the day. He has one tower down at the Trade Center site that he was prepared to cap at a mere seven stories that he’d love to hang Time Warner’s name on—in big red lights if the company would like. And he could likely deliver the goods faster and cheaper than his rivals.
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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.
Last edited by NYguy; Apr 30, 2012 at 11:04 PM.
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