Turner Sells CNN Center for $170 Million

Ted Turner announced Monday the sale of CNN Center for $170 million, almost three times what he paid for the struggling office-hotel-shopping complex when he bought it two years ago and renamed it after his Cable News Network.

The complex was purchased by 66 Properties Inc., a unit of Herrick Co., a Morristown, N.J.-based real estate investment company.

Turner will use the proceeds to pay down the massive debt rung up by the $1.5-billion purchase in 1986 of the MGM film library.

The deal includes 800,000 square feet in two office towers, one of which houses Turner Broadcasting Inc. headquarters and the CNN studios; the 470-room Omni International Hotel; 80,000 square feet of retail space, and an adjacent parking structure with 2,000 spaces.

Turner announced in February that the building was for sale. He purchased the property in 1986 for $21.8 million in cash and assumption of $45 million in debt.

The deal does not include TBS’ operating agreement for the Omni Coliseum, adjacent to the complex.

Turner signed a 15-year lease to remain the main tenant in the complex, which will be managed by Tishman West Management Group of Los Angeles. He said the deal would be closed within 60 days.