Time Warner is considering moving out of the iconic Time Warner Center in New York, including possibly relocating to a new World Trade Center in Lower Manhattan, according to a report in The Wall Street Journal.
The 2.8 million square-foot Time Warner Center was built in 2004 and includes Time Warner Inc., headquarters, headquarters for Time Warner Cable, restaurants, retail shops, condominiums and other office space. Time Warner Inc., which includes Time Inc., Turner Networks, Home Box Office and Warner Bros. studios, is evaluating its office footprint in the city to be more cost efficient and is considering several options, the Journal reported.
Time Warner declined to comment.
Among those considerations are Silverstein Properties World Trade Center towers in lower Manhattan; Brookfield Office Properties' development site on Ninth Ave., and 33rd St.; the Time-Life building at Rockefeller Center; and Hudson Yards on the Upper West Side.
Time Warner has about 6,000 employees in New York and leases about 4 million square feet of office space scattered around the city. Although the company could ultimately decide to do nothing, a formal plan is scheduled for late next year, according to the Journal.
Either way it has time to decide - most of its existing leases don't expire until 2017 and 2018, with the rest expiring later.