Time Warner Sells Office Space Worth $1.3 Billion

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Singapore's GIC Pte Ltd is leading a consortium to purchase $1.3 billion worth of Manhattan office space from Time Warner Inc, according to a report from Reuters. 

In the deal, GIC will partner with Abu Dhabi Investment Authority as well as U.S. real estate firm Related Companies. The partnership will buy 1.1 million square feet of office space in the Time Warner Center.

"Economic data from the U.S. and U.K. is getting a little more bullish, so GIC is trying to capitalize," Chua Hak Bin, an economist at Bank of America Merrill Lynch in Singapore, told Reuters. "Real estate has always been part of its diversified portfolio."

The office space will be leased to Time Warner until early 2019. The company is moving its business units to one location at the Hudson Yards development.  

GIC has previously highlighted opportunity as its investment motivation, rather than geography. Three weeks ago GIC partnered with British Land Co Plc to buy commercial space from U.S. private equity giant Blackstone Group for approximately $2.78 billion, Reuters reports.