ABS-CBN says it has been talking to real estate companies, including fellow Lopez-led Rockwell Land, even before the pandemic to redevelop its headquarters in Quezon City.
MANILA, Philippines – Media company ABS-CBN is in talks with fellow Lopez-owned property developer Rockwell Land to demolish and redevelop its headquarters in Quezon City.
ABS-CBN told the Philippine Stock Exchange on Monday, March 13, that it has been in discussions with real estate developers “even prior to the start of the pandemic” for the redevelopment of its 3.4-hectare property in Mother Ignacia Avenue in Diliman, Quezon City, which houses its news and entertainment studios.
ABS-CBN did not elaborate further where it intends to relocate its workforce and studios that would be affected by the redevelopment. It has other buildings in the compound, including the Eugenio Lopez Jr. or ELJ Center, which is leased to its other subsidiaries and other companies.Fellow Lopez-owned company Rockwell Land also released a similar statement and confirmed parts of the report of online news outfit Bilyonaryo.
“Rockwell Land continuously searches for properties to develop in the usual course of its business. Rockwell Land has been studying the possibility of redeveloping the ABS-CBN property even prior to the outbreak of theWhile the two companies noted that the planned redevelopment was floated even before the pandemic, and effectively before the non-renewal of its broadcast franchise, ABS-CBN’s financial statements point to the need for such drastic moves now.
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