Time Warner Inc. is close to a deal to sell its headquarters to Related Cos. for more than $1.3 billion and move to a new skyscraper planned on Manhattan’s far west side, a person with knowledge of the negotiations said.
The plan calls for the media company to anchor a 2.4 million-square-foot tower on the northeast corner of Related’s Hudson Yards project, said the person, who asked not to be identified because the talks are private. Time Warner would sell its 1.1 million-square-foot space at its namesake complex to an investment group led by Related and lease it back for five years, about the time it would take to build the skyscraper, the person said.
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