Fried Frank acted as counsel to WarnerMedia (f/k/a Time Warner), an operating company of AT&T Inc., in a contract for the sale-lease back of its approximately 1.5 million-square-foot Time Warner Condominium Unit at 30 Hudson Yards (a/k/a Tower A). WarnerMedia agreed to sell the unit to an affiliate of Related Companies for approximately US$2.2 billion and upon closing will lease-back the space for its global headquarters across 26 floors until 2034.
WarnerMedia became a partner with Related Companies and Oxford Properties Group in the development of the building in 2014, and Fried Frank also represented the company through the development and acquisition of the unit. 30 Hudson Yards is a 1,296-foot, 2.6 million-square-foot tower by Kohn Pedersen Fox Associates which is developed in Hudson Yards, the largest private real estate development in US history.
AT&T Inc. is a diversified, global leader in telecommunications, media and entertainment, and technology. Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately owned real estate firm in the United States.
The Fried Frank team included real estate partners Ross Silver and Jennifer Yashar; real estate of counsel Stephen Lefkowitz; real estate project counsel David Badain; and real estate associates David Firestone, Eric Marlowe, and Kaitlin Gottlieb.