Thomson Reuters Considering Sale Of Times Square Office Tower
Thomson Reuters Corp. is said to be testing the waters and looking for buyer interest in a Midtown Manhattan skyscraper it co-owns with the Rudin family.
The media company has a 50% stake in 3 Times Square and has hired an adviser for the potential sale, Bloomberg reports, citing anonymous sources. Rudin representatives didn't immediately respond to Bisnow’s request for comment.
The 32-story, 885K SF building where the media giant has its headquarters, which includes rentable billboard space, could be valued at $700M, or roughly $800 per SF, per Bloomberg. A representative for Thomson Reuters told Bloomberg that the firm regularly engages advisers to look at its real estate footprint.
Last year, BMO Capital Markets announced it was leaving the property for 4 Times Square, where it took 215K SF in the Durst Organization-owned building.
While the decision to sell is not final, the news speaks to a growing trend of media companies reassessing, and in some cases offloading, their real estate.
Last year, WarnerMedia sold its office condominium at Hudson Yards to Related Cos. in a sale-leaseback deal. Many office occupiers, including media companies, have indicated a new approach to office space following the coronavirus pandemic. Conde Nast, for example, has been said to want to break its landmark lease at One World Trade Center.
Meanwhile, companies such as Twitter and Facebook have both signaled they will allow their employees to work from home more frequently in the future, though Facebook still executed on a massive office lease at the Farley Building across from Penn Station earlier this summer.