GIC to buy $1.65b New York office space with two partners

Singapore sovereign wealth fund GIC is joining hands with two partners to buy 1.1 million sq ft of office space in New York's Time Warner Center, for a total of US$1.3 billion (S$1.65 billion). -- FILE PHOTO: REUTERS
Singapore sovereign wealth fund GIC is joining hands with two partners to buy 1.1 million sq ft of office space in New York's Time Warner Center, for a total of US$1.3 billion (S$1.65 billion). -- FILE PHOTO: REUTERS

SINGAPORE sovereign wealth fund GIC is joining hands with two partners to buy 1.1 million sq ft of office space in New York's Time Warner Center, for a total of US$1.3 billion (S$1.65 billion).

The space is being bought from US media company Time Warner, which will lease it back until early 2019.

Time Warner is moving its operations to Hudson Yards, in another part of New York, it said in a Thursday statement.

About 5,000 employees from the company, including its HBO, Turner Broadcasting, and Warner Bros. businesses, will occupy the new office space in Hudson Yards at the end of 2018.

GIC's investment partners are the Abu Dhabi Investment Authority and US property developer Related Companies.

Related Companies had led the development of the 2.8 million sq ft Time Warner Center which opened in 2004.

A spokesman for GIC - formerly known as the Government of Singapore Investment Corporation - declined to comment on the exact amount of GIC's investment.

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