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Thomson Reuters looks to sell stake in Times Square HQ
Media company owns 50% of 3 Times Square with Rudin Management
Thomson Reuters is considering selling its stake in its Times Square headquarters.
The media company hired an advisor to solicit interest for the 50 percent stake it owns in the 885,000-square-foot building at 3 Times Square, Bloomberg News reported.
Pricing information wasn’t available, but at $800 per square foot the 32-story property could be worth roughly $700 million.
A spokesperson for Reuters told the publication that the company “regularly engage[s] with advisers to ensure that our real estate footprint best supports our workforce and their ability to serve our customers.” It may still decide to retain its stake in the building.
Reuters owns the Times Square office tower with Rudin Management. The property also has outdoor billboard space. Another tenant in the building, Bank of Montreal, said last year it would move into the Durst Organization’s One Five One, formerly known as 4 Times Square. That building got another major tenant this year when ByteDance, the parent company of TikTok, signed a lease for 232,000 square feet.
Thomson Reuters is the latest media company to reconsider its real estate footprint. CBS recently put its Eero Saarinen-designed headquarters, dubbed Black Rock, up for sale, but pulled the listing when the coronavirus pandemic shut the city down. Time Warner sold its office condominium at Hudson Yards last year in a sale-leaseback deal.
[Bloomberg News] — Rich Bockmann