Time Warner chief financial officer John Martin said Thursday that the storied media company may move to new digs outside of New York City as it consolidates office space to cut costs.
Leases on a handful of properties, include Time Warner Center in Columbus Circle, expire later this decade and the conglom is looking to move into one or more larger spaces. “We can’t just limit it to New York City,” Martin said at a Citigroup media conference in San Francisco. “Unfortunately, operating in New York City is extremely expensive so we will be aggressive about looking around in any number of places to see where we can get the best deal.”
News of upcoming real estate moves for one of the city’s biggest tenants came out last fall. A spokesman for Time Warner said the company had maintained all along that it would look both inside and outside New York City.