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New York & Tri-State  + Office  |  April 24, 2019
Manhattan office leasing declined by as much as 46.5% in the fourth quarter from Q3 levels, according to brokerage reports
Paul Bubny
By: Paul Bubny

AT&T’s WarnerMedia Inks $2.2B Sale-Leaseback at Hudson Yards

AT&T said Wednesday that its WarnerMedia operating unit had agreed to a sale-leaseback of its headquarters space at 30 Hudson Yards for approximately $2.2 billion.

Bloomberg News had reported earlier this month that WarnerMedia and Related Companies, the developer of the Hudson Yards mega-project, had reached an SLB agreement for the 1.5-million-square-foot space. Exact terms of the deal weren’t clear when Bloomberg reported the news three weeks ago.

WarnerMedia agreed to lease the space at 30 Hudson Yards through early 2034. AT&T will use proceeds from the Related deal, along with additional planned sales of non-core assets, to reduce its debt.

Representing WarnerMedia in the 30 Hudson Yards deal was Cushman & Wakefield’s Doug Harmon, Bloomberg reported earlier this month. Harmon had also represented WarnerMedia, then called Time Warner, in the sale of its Columbus Circle headquarters space to Related in 2014.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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