Real estate company The Related Cos. LP and sovereign wealth funds from Singapore and Abu Dhabi will rename the Time Warner Center in Manhattan, N.Y., as Deutsche Bank Center, after Deutsche Bank AG officially leased 1.1 million square feet of office space at the property, Commercial Observer reported.
Related Cos., Singapore's GIC Pte. Ltd. and the Abu Dhabi Investment Authority paid Time Warner Inc. $1.3 billion in 2014 to acquire the property.
The German bank, headquartered at 60 Wall St. in Manhattan, is expected to move to the complex at One Columbus Circle in the third quarter of 2021, where it will occupy all available office space except for the 20th floor.
The publication interviewed a source that said the lease was for 25 years.
The deal, which is so far the second-largest lease in 2018, was said to be in the works in January. JLL represented both sides in the transaction and did not immediately return the paper's request for comment, nor did Related Cos., the Dec. 8 report added.