Deutsche Bank Adds Time Warner Center To List Of Potential HQs
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Deutsche Bank has expanded its search for its next New York headquarters — by one building.
Time Warner, which sold its stake in the namesake building to Related Cos., Singapore-based GIC and the Abu Dhabi Investment Authority for $1.1B in 2014, will move to 30 Hudson Yards at the end of this year. It had leased back the 1.3M SF office condo it occupies, which is the same square footage requirement Deutsche Bank noted in its request for proposals to Related and World Trade Center developer Silverstein Properties.
Time Warner Center also includes residences and the multistory retail condo The Shops at Columbus Circle, which is anchored by a Whole Foods and is the site for Amazon's first brick-and-mortar shop in New York. According to the Post, if Deutsche Bank chooses the building for its new digs, it will rename the two-towered development.
Deutsche Bank's lease at 60 Wall St. expires in 2022 after it sold its ownership in the building. GIC purchased 95% of the tower last year for over $1B. The German bank is reportedly under investigation by special counsel Robert Mueller for possible connection to Russian money laundering with a financing deal it struck with Jared Kushner for the New York Times building.