GIC set to buy stake in iconic New York office complex

[SINGAPORE] GIC is close to snapping up a part of New York City's Time Warner Center, an iconic, 229m twin-tower mixed-use complex in the south-western corner of the city's famed Central Park.

The Business Times understands that GIC is part of a consortium in the final stage of talks with Time Warner Inc to buy the 1.1 million square feet of office space that the latter owns. The consortium will then lease the space back to Time Warner Inc.

A source close to the deal said that GIC will be forking out US$400 million, which will give it a "substantial stake" of the Grade A office space Time Warner Inc is selling.