Disney to Move New York Headquarters
ABC News, 'The View' and 'Live With Kelly and Ryan' will soon have a new home.
Walt Disney Company said Monday it will sell its Upper West Side Campus in New York City for a reported $1.2 billion while purchasing rights to property owned by Trinity Church Wall Street, where the media conglomerate will build a home for WABC-TV as well as offices for ABC News, The View and Live With Kelly and Ryan.
Disney said it will pay $650 million for the 99-year rights to develop 4 Hudson Square, owned by the church, and the development will also house the headquarters of Disney Streaming Services, which will move from its current location in Chelsea Market.
While Disney is selling its Upper West Side Campus to Silverstein Properties, it will lease back the facilities for up to five years while developing 4 Hudson Square, and Good Morning America will continue to broadcast from its Times Square Studio Location. The sale does not include the historic Armory building.
Trinity's vast real estate portfolio in the Hudson Square neighborhood dates back to a land grant from Queen Anne in 1705, and the area has recently become a hub for creative industries.
"In addition to being LEED-certified for environmental responsibility and efficiency, the new building will also incorporate the latest technology as well as the ability to adapt to the next generation of technological advances," Disney CEO Bob Iger said in a statement. "This move represents an historic step forward toward our long-term vision for our New York operations."
"This is a significant development in Trinity’s centuries-long commitment to this neighborhood and to the area’s continuing growth and transformation," said Trinity Church Rector William Lupfer.
The deal comes as Disney is trying to close a deal to buy the bulk of 21st Century Fox for $71.3 billion.