by Leila Molana-Allen
MANHATTAN — Time Warner Inc. is in preliminary talks about potentially moving its headquarters to the $15 billion Hudson Yards development, the Wall Street Journal reported Monday.
The cable giant is in talks with real estate developer Related Companies to move out of the Time Warner Center to the far West Side. Related is behind both developments.
A source close to the discussions said that Time Warner was unlikley to come to a decision in the near future, according to The Journal.
Related has said that the first phase of the Hudson Yards development could be ready by 2017. Time Warner's current leases with Related for space in several Manhattan buildings, including its Columbus Circle address, are due to expire in 2017 and 2018, WSJ reported.
The Hudson Yards is a 13-acre space on Eleventh and Twelfth Avenues from 30th to 33rd Streets. The site, owned by the MTA, is currently a storage yard. The new development is planned to be built on a second level over the storage yard so it can continure to be used. It will include office, retail and residential space.
Related have been pushing to find tenants for their new development, since Related CEO Steve Ross agreed with the MTA to a $1 billion long-term lease to develop the site. The first part of the development will be built between 30th and 33rd streets on 10th Avenue.