OLD Media Moves

Reuters parent considering selling stake in Times Square office

October 6, 2020

Posted by Chris Roush

The Reuters parent is considering selling its 50 percent stake in the Times Square building that serves as the headquarters for the news service, reports Gillian Tan of Bloomberg News.

Tan reports, “The company has tapped an adviser to solicit potential interest in buying Thomson Reuters’ stake in the property, which it co-owns alongside Rudin Management Co., said the people, who asked not to be identified because the matter is private. The 32-story building serves as a hub for the news service.

“No final decisions have been made and the company could retain the property, which opened in 2001 and includes roughly 885,000 square feet (82,000 square meters) of space — as well as outdoor billboard space for rent. It’s not immediately clear how much the building would fetch in a sale, but at $800 per square foot, it could be valued at roughly $700 million.

“‘We regularly engage with advisers to ensure that our real estate footprint best supports our workforce and their ability to serve our customers,’ Thomson Reuters spokesman David Girardin said.”

Read more here.

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