NEW YORK (AP) -- Time Warner Inc. says it has found a new home.
The global media company announced Thursday it is planning to move its headquarters from its current location in the Time Warner Center in Manhattan's Columbus Circle to a complex that's currently under construction on the borough's west side.
Time Warner said it plans to consolidate its headquarters and its various divisions around the city at the end of 2018 in a tower at Hudson Yards, being built over a rail yard at 10th Avenue and West 33rd Street. The rail yards' developers are Related Companies and Oxford Property.
The company said about 5,000 employees would be in the new space, from its corporate operations as well as HBO, Turner Broadcasting and Warner Bros. Time Warner Chairman and CEO Jeff Bewkes said bringing together the various entities from the multiple buildings where Time Warner currently leases space "will foster even more collaboration, creativity, and efficiency across our businesses."
The corporation has sold its Columbus Circle space to Related and two other companies. Related was the developer on the Time Warner Center project as well. Related said the Time Warner Center will keep that name until Time Warner moves, when it will be renamed.
Hudson Yards is expected to include 17 million square feet of commercial and residential space, including a hotel, businesses, residences and a school. The tower Time Warner is slated to move into, 30 Hudson Yards, will stand at 1,227 feet high. A neighboring structure, 10 Hudson Yards, will be used by companies including Coach Inc., L'Oreal USA and Fairway Market.