GIC, formerly known as the Government of Singapore Investment Corporation, is partnering the Abu Dhabi Investment Authority (ADIA) and US real estate firm Related Companies to purchase $1.3 billion worth of office space from Time Warner Inc.
The 1.1 million sq. ft. commercial space in the prime location of Columbus Circle in Manhattan, New York, will be leased back to Time Warner until early 2019.
Time Warner plans to shift all its operations to Hudson Yards in another part of New York, to be more cost-effective.