Planning After putting the Coliseum up for sale in 1985, the MTA received numerous bids for the redevelopment of the site.
Mortimer Zuckerman's
Boston Properties won the bidding contest, with plans to erect a headquarters for
Salomon Brothers on the site, to be designed by
Moshe Safdie. The community heavily opposed Zuckerman's initial plan, and the sale was nullified in 1987, with Salomon Brothers withdrawing from the project.
Competing plans New York City and Boston Properties first hired David Childs in 1987 to design the Coliseum replacement, to be known as Columbus Center. Childs's initial plan, released in June 1988, called for a set of brick-and-glass towers rising as high as . Similar to what would ultimately be built, the complex would have been composed of twin towers. Childs's plan faced heavy opposition from the community, leading to a redesign of the project. with a twin-towered complex rising , as well as a pedestrian bridge connecting the two towers. This plan, too, faced political opposition and lawsuits. Related CEO Stephen Ross had proposed converting the Coliseum into a
Kmart store, though nothing came of that plan. with the MTA outlining several criteria for the shape of the proposed development, as well as a stipulation that the winner could not seek tax breaks. The city and MTA received nine proposals for the site that November. The
Municipal Art Society displayed models of these proposals to gauge public opinion for the project. By May 1997, the city and MTA had selected five finalists: Related Companies,
Trump Organization,
Tishman Speyer,
Bruce C. Ratner &
Daniel Brodsky, and
Millennium Partners. New York state officials tentatively considered selecting Millennium Partners' bid that July, to be designed by
James Polshek. To the surprise of the developers submitting the bids, New York City mayor
Rudy Giuliani announced he would revoke a tax break that he had promised to give to the winning bidder. Giuliani also threatened to block any potential sale of the Coliseum unless the project contained a theater of 1,000 to 2,000 seats for
Lincoln Center. The mayor's demand for a theater had hitherto been unknown to the public, but Lincoln Center executives expressed interest in the proposal. In February 1998, the city and state agreed that the new building would have a 1,100-seat concert hall for Jazz at Lincoln Center, as well as rehearsal rooms and educational spaces. The facility would cost $40 to $45 million, of which Jazz at Lincoln Center would raise $20 million and the city would raise $18 million. Ross and Himmel had convinced Time Warner CEO
Richard D. Parsons the previous year to join the project. Nevertheless, city officials were mainly considering Millennium's and Related's bids by June 1998. Millennium had proposed two luxury hotels and 450 residential condominiums, while the city government backed Related's bid because of Time Warner's involvement. By then, Childs, who had designed Related's proposal, had designed five separate plans for the site.
Plan selection and finalization The city selected Time Warner and Related's $345 million bid in late July 1998. Childs was again hired to design the building, which would contain 425 hotel rooms, 375 condos, an auditorium for Jazz at Lincoln Center, and a 12-screen movie theater. There would also be a shopping mall, office space for Time Warner's headquarters, and studio space for CNN and NY1. While the Coliseum's demolition was ongoing, the Columbus Center project was still undergoing design changes. As late as February 2000, when the Coliseum's interior had been demolished, the structural steel had already been ordered. The building would be called the AOL Time Warner Center, in advance of the merger between
AOL and Time Warner. believed to be the largest construction financing ever for a real estate development in New York City at the time. The remainder of the $1.7 billion development cost would come from
equity of Apollo, Related, AOL Time Warner, and the Mandarin Oriental Hotel Group. Including furnishings, the building was expected to cost $2.2 billion. City officials had indicated that Time Warner would receive a large tax abatement for the project, but the
New York City Department of Finance ruled in 2001 that the project was ineligible for such incentives under the 1996 request for proposals. Further tweaks were made to the design, including reducing the hotel from 400 to 251 rooms to allow for the construction of office space.
Construction 2000 and 2001 A
groundbreaking ceremony for the building occurred on November 14, 2000. At the time, the project was planned to employ 2,300 workers. By early 2001, the first large retail tenant had leased space in the building's mall, and the developers were interviewing restaurateurs to operate six eateries in the mall. That June,
Central Parking was hired to run the three-story parking garage in the complex's basement. The condos ranged from $1.8 million for a two-bedroom unit to $35 million for a penthouse unit. Additionally, since many roads into Manhattan were closed after the attacks, concrete deliveries were delayed, prompting concerns that the building's construction would also be held up. Despite the attacks, the Time Warner complex had reached 19 stories by the end of 2001. Even though a few prospective buyers had withdrawn, forty apartments had sold for a cumulative $200 million between September and December 2001. These included Sandie N. Tillotson, who bought the top floor of the north tower for $30 million shortly after the attacks, then a record for a condominium. Five retailers also leased space in the months after the attacks. Several officials, including mayor
Michael Bloomberg, signed a steel beam that February to mark the topping-out of the lower floors' steel superstructure. A speech was given to honor workers who helped with the September 11 recovery effort. By then, sixty of the residential units had been sold. Eighty percent of the retail space had been leased by mid-2002, as was forty percent of the residential units. At the time, AOL Time Warner's stock value was declining,
New York magazine compared AOL Time Warner Center to a situation where "your marriage is a wreck, you hate each other, everybody thinks you should get divorced, and yet you’re still building a lavish new home together." During construction, Bovis Lend Lease received several notices of minor construction violations from the
New York City Department of Buildings. During a heavy windstorm in September 2002, a piece of debris flew off the construction site, injuring a carpenter and two passersby. The carpenter ultimately died of his injuries, and a forklift driver was also killed on the eighth floor that year. In October 2002, California pension fund
CalPERS and MacFarlane Partners offered to buy a half-ownership stake in the retail space, the office space not occupied by AOL Time Warner, and the center's parking structure. The sale to CalPERS and MacFarlane was finalized in February 2003, with the partners receiving a 49.5 percent stake; the stake was estimated at $500 million. That year, the Department of Finance valued AOL Time Warner Center at $820 million, a 275 percent increase from the previous year's valuation of $220 million. The construction process continued to experience difficulties; in April 2003, a fire damaged the fourth through seventh stories, including part of Jazz at Lincoln Center's future space. There were also thirty-nine open construction violations by late 2003, when around sixty percent of the condos had been sold. By September 2003, the company had voted to rebrand itself as Time Warner, with the building to be known simply as "Time Warner Center". Despite Time Warner's problems, in the two years after the September 11 attacks, residential prices at Time Warner Center were increased five times. The rooms were decorated for free and were left in place for six months so the remaining 77 apartments could be sold. AOL Time Warner sought four companies to sponsor the new building, one each in the electronics, technology, automotive, and financial-services segments; the sponsors would have retail or exhibit space in the building. The first sponsor, electronics company
Samsung, signed an agreement in mid-2003.
Lincoln Motor Company was the automotive sponsor, while
First Republic Bank was the financial-services sponsor. At the end of 2003,
Credit Suisse First Boston provided $620 million to refinance part of the development's construction loan.
Opening The development was opened in phases starting in 2003. The first part of Time Warner Center to officially open was the Mandarin Oriental New York, which opened on November 15, 2003, Time Warner Center's formal opening ceremony was held on February 5, 2004, with a benefit party being hosted upon the completion of the Shops at Columbus Circle. At the time of the mall's opening, over four-fifths of the 40 stores and 10 restaurants were open. There were concerns among retail-industry experts that Time Warner Center's "vertical mall" concept would not be successful since high-rise malls in New York City had historically not been successful. Final touches were still being placed on the building when, in April 2004, a piece of metal sheeting fell off the facade. This prompted Bloomberg to order that all work on the building be temporarily halted, since this was the fourth time since 2002 that debris had fallen from the building. The retail complex also faced challenges, such as an early 2004 fire in the Per Se restaurant, the first to open in the mall. Jazz at Lincoln Center opened in October 2004, almost a year after the rest of the complex had been completed. In total, the project had cost $1.8 billion. at $40 to $45 million, the unit was the most expensive residence recorded in Manhattan at the time. Other early residents included designer
Lady Henrietta Spencer-Churchill and musician
Ricky Martin, as well as architect
Jon Stryker, who used Time Warner Center as a temporary apartment because he did not want to rent a residence. The south tower's residents also included Saudi royal
Turki bin Faisal Al Saud, art collector
Tobias Meyer, producer
Verna Harrah, and businessmen
Gregory Olsen and
John Kluge. Those of the north tower included ten doctors; businessmen
Alan B. Miller,
Michael Spencer, and
Gerard Cafesjian; and two daughters of Turkish businessman
Sakıp Sabancı. By late 2004, the apartments were about 85 percent sold. About a quarter of the original buyers were foreign buyers, and a third of the total buyers used
shell corporations to obscure their identities. The property had the highest-listed market value in New York City, $1.1 billion, in 2006. The building's last condominium was sold that March. By that time, a monthly parking pass alone ran from $550 to $600, more expensive than a one-bedroom residence in several Southern and Midwestern U.S. cities. Time Warner Center had become a popular destination by 2008; its presence had helped raise the value of surrounding properties by as much as 400 percent since 2004. Average condominium prices had risen 127 percent since the building's opening, with condos being listed at between $7 and $60 million. One unit in Time Warner Center was listed on the market in 2007 and was not sold for more than a decade. In 2013, Time Warner announced its intention to move most of its offices to 30
Hudson Yards on the west side of Manhattan. The following January, Time Warner sold its stake in the Columbus Circle building for $1.3 billion to the Related Companies, the
Abu Dhabi Investment Authority, and
GIC Private Limited. The companies funded the purchase of the office space with a five-year, $675 million mortgage from Deutsche Bank and
Bank of China. By the 2010s, the residential apartments of Time Warner Center were acquired by a large number of extremely wealthy residents. In 2015,
The New York Times found that Time Warner Center's condominium owners had included seventeen people on
Forbes magazine's ''
The World's Billionaires'' list, as well as five major art collectors, eight chief executives, and celebrities such as singer
Jimmy Buffett, football player
Tom Brady, and talk show host
Kelly Ripa. The controversy in part influenced the
United States Department of the Treasury to regulate large all-cash property sales in Manhattan starting in 2016.
Deutsche Bank use In May 2018, Deutsche Bank announced it would lease all of office space for 25 years, relocating from
60 Wall Street beginning in the third quarter of 2021. The move represented a reduction in space for the bank, which had occupied at 60 Wall Street. Following the news, Related Companies announced that the building would be officially renamed "Deutsche Bank Center" upon the company's arrival. In May 2019, Related refinanced the office portion of the development with a $1.1 billion loan from
Wells Fargo. After announcing plans to drastically reduce its overseas activities in mid-2019, Deutsche Bank returned two of the floors, covering , to the Related Companies. Meanwhile, the CNN studios had relocated to Hudson Yards by late 2019. Time Warner Center was renamed to Deutsche Bank Center in May 2021, with Time Warner signage being replaced with that of
Deutsche Bank over a one-week period. The bank was scheduled to relocate 5,000 employees to the building, but the relocation was delayed. The bank's employees were being relocated by July 2021. == Critical reception ==