Seven years after it relocated its headquarters to the soaring Time Warner Center in New York City's Columbus Circle, media giant Time Warner Inc. is reportedly considering moving again.
The Wall Street Journal, citing an internal Time Warner memorandum and unnamed sources, says that the company is undergoing an analysis of its New York real estate portfolio – with a focus on consolidating all of its operations into a single space. The company employs 6,000 people in New York, and its media holdings – which include CNN, HBO and Time Inc. – covers approximately 4 million square feet of New York commercial real estate.
‘One of the key areas where we're working to improve the efficiency of our company is real estate,’ wrote CEO Jeff Bewkes and Chief Financial Officer John Martin in an internal memo. ‘We are about to undertake an evaluation of our office footprint in the New York metropolitan area and develop a long-range plan to meet our future needs.’
Bewkes and Martin added that an official plan will be formulated in late 2012.
The Time Warner Center is a mixed-use complex consisting of two 80-story skyscrapers, an upscale mall, a Whole Foods grocery store and the 1,200-seat Jazz at Lincoln Center theater.
