Related Companies has a new strategy for getting tenants to sign on in the new Hudson Yards towers: pay them. The developer plans to purchase Time Warner's Columbus Circle headquarters for $1.3 billion, and Time Warner will relocate to an 80-story tower in the west side megaproject. While the tower is being built, Time Warner would lease its current space from Related. The deal, although not yet finalized, is a huge boost for Hudson Yards; Related needed to find a corporate anchor for the second, larger tower before it could begin building over the rail yards. This isn't the first time the companies have worked together on a major commercial deal?10 years ago, Related developed Columbus Circle. [WJS and NYT]
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