Charter Communications, which recently bought Time Warner Cable for $55.1 billion, not only plans to dump the company’s name — it’s dumping Manhattan, too.
Time Warner Cable will vacate 75,000 square feet of space at Time Warner Center when its lease is up at the end of 2016 , sources told us.
It will mark the first office availability at the Columbus Center colossus since it was opened by Stephen M. Ross-led Related Cos. in 2003. The asking rent will be a whopping $150 a square foot, the sources said.
Time Warner Cable — which was spun off from former parent Time Warner in 2009 — will relocate to Stamford, Conn., where Charter is headquartered.
The cable provider now occupies floors 16 and 17 at Time Warner Center. The space was part of more than 1 million square feet that Related sold to Time Warner when the tower went up, but was re-purchased by Related in 2014 in partnership with the Abu Dhabi Investment Authority and GIC.
Time Warner remains in the twin-towered building as a tenant until mid-2019, when the media giant will move to 30 Hudson Yards, the skyscraper that Related is building at Tenth Avenue and West 33rd Street.
JLL’s Peter Riguardi and Related’s Stephen Winter in-house have been tapped to market the Time Warner Cable space, which boasts Central Park views. They declined to comment.
Around 350 Time Warner Cable employees work at Columbus Circle, but it wasn’t clear how many jobs would be lost (the company has other, smaller offices in town). A rep for Charter didn’t get back to us.
Meanwhile, Related on Monday announced another big catch for Hudson Yards: Steven A. Cohen’s Point72 Asset Management is bolting from East Midtown for 55 Hudson Yards, where it’s executed a letter of intent for 175,000 square feet — 20 percent more than it has at 330 and 510 Madison Ave.
Point72 and Related expect to wrap up the lease by the end of the year. Newmark Grubb Knight Frank’s Neil Goldmacher reps Point72; CBRE’s Robert Alexander and Howard Fiddle, with Related’s Winter, rep the ownership.
Point72, like Charter, is also headquartered in Stamford. Point72 president Doug Haynes said 55 Hudson Yards has “large, open, collaborative space similar to our Stamford trading floor,” where “we can foster better interaction among teams … by collaborating with world-class developers, we have the ability to build state-of-the-art trading floors.”
Read full story at http://nypost.com/2016/06/27/charter-plans-to-leave-time-warner-center/