L.A. Reid's Hamptons Estate Pipes Freeze in Polar Vortex

Dropping records may heat up the charts, but they flooded the Hamptons mansion of L.A. Reid.

The Sagaponack property of the Grammy-winning record executive and former X Factor judge, currently on the market for nearly $19 million, suffered some polar vortex damage last Saturday.

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According to Patch, the Bridgehampton fire department responded to an automatic fire alarm, arriving at the property as 911 dispatchers relayed that they had received a call from a housekeeper, reporting a fire in the finished basement. Engines were called off minutes later, as the fire chief concluded that the smoke was actually steam coming from the furnace room. The water was shut off, preventing further flooding due to the home's frozen pipes.

The 7,000-square-foot house has 8 bedrooms, 9.5 baths, a tennis court and saltwater swimming pool, reports The Real Deal. The finished basement level includes a gym and a temperature-controlled wine cellar, lined floor-to-ceiling with built-in bottle racks. The property was listed this past summer.

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In other L.A. Reid real estate news, The Real Deal also reports that the Epic Records chairman has sold his Park Avenue apartment  to Broadway producer Harold Prince for $16.5 million. The 5,000 square-foot condo at the corner of East 60th St. was listed in May 2013 for $18.9 million. Reid bought the unit in 2000 for $9.43 million.

The Hollywood Reporter photographed Reid -- and his impressive closet -- at the Manhattan apartment in May 2012. See the pictures here.

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Time Warner Sells Manhattan Headquarters for $1.3 Billion, Unveils Relocation Plans

Time Warner has agreed to sell its midtown Manhattan headquarters for $1.3 billion and plans to move its operations in the Big Apple under one roof in a new building on the far West Side of Manhattan, the entertainment conglomerate said Thursday.

The sale agreement with real estate firm Related Companies and partners for the Time Warner Center, on whose construction the entertainment conglomerate spent around $520 million about a decade ago, is the result of TW's exploration of its real estate options for the past two and a half years.

Time Warner, led by chairman and CEO Jeff Bewkes, has been looking to save money and consolidate the staff of its various operations. It currently has seven office locations in New York. Most of the leases are believed to be up in 2017.

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TW will lease office space in the Time Warner Center until early 2019, the firm said Thursday.

TW said it has sold the 1.1 million square feet of office space it owns in Time Warner Center to a venture of Related Companies, an entity owned by the Abu Dhabi Investment Authority and GIC.

Additionally, TW, Related and Oxford Properties Group said they plan to relocate the company’s corporate headquarters and its New York City-based employees to Hudson Yards, on the West Side of Manhattan. TW has made an initial financial commitment, they said, without providing further details.
Related has been developing a new commercial tower in the Hudson Yards neighborhood, south of Times Square. It is a skyscraper set to be built at the corner of 10th Avenue and 33rd Street.

The far West of Manhattan has offered cheaper real estate prices in an effort to revitalize the area and attract people and companies. Previous chatter suggested that TW could save $100 million or more by moving office space.

Said Bewkes: "The sale of our office space in Time Warner Center to Related Companies and its partners is an important step toward moving our New York City-based employees into a dynamic new complex that will foster even more collaboration, creativity and efficiency across our businesses."

He added: "By consolidating our space to Hudson Yards, New York’s next great neighborhood, we will be able to reallocate substantial savings to our primary business of creating and sharing great storytelling in television, film and journalism with audiences around the world."

Email: Georg.Szalai@THR.com
Twitter: @georgszalai

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Hot Hollywood Architect Richard Landry Lists L.A. Offices for $6.2 Million

Architect Richard Landry has listed his West Los Angeles architecture and design office for $6.2 million.

The Canadian architect, who has created mega mansions in many architectural styles for clients such as Tom Brady and Gisele Bundchen, Mark Wahlberg, Haim Saban and Wayne Gretzky, has worked from the 7,900-square-foot, two-story building for almost two decades. Included in the 1967 building are open workspace areas, three conference rooms, a full kitchen, wooden beamed ceilings, exposed brick and plenty of private parking for high-profile clients.

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With a staff of 40 and a massive list of projects — including more than 8 million square feet of residential construction in China and a slew of U.S. projects, including a second 14,000-square-foot mansion for Brady and Bundchen in Brookline, Mass. — Landry has opted to invest in offices that are double its current size.

In December, he closed on a $6.15 million, 14,000-square-foot former animal hospital located on Sepulveda Boulevard in West Los Angeles. Landry is currently beginning a top-to-bottom renovation on the space, which is expected to be completed in late 2014. 

Sperry Van Ness and Peter Hernandez of Teles Properties share the original Landry Design Group building listing.

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