Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany. The bank is operational in 58 countries with a large presence in Europe, the Americas and Asia; as of April 2018, Deutsche Bank is the 15th largest bank in the world by total assets. As the largest German banking institution in the world, it is a component of the DAX stock market index; the company is a universal bank resting on three pillars – the Private & Commercial Bank, the Corporate & Investment Bank and Asset Management. Its investment banking operations command substantial deal flow in the "Bulge Bracket" category, maintain different "sell side" and "buy side" departments. Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports, it subsequently played a large part in developing Germany's industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, on 10 March 1870 the Prussian government granted it a banking licence.
The statute laid great stress on foreign business: The object of the company is to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets. Three of the founders were Georg Siemens, whose father's cousin had founded Siemens and Halske, Adelbert Delbrück and Ludwig Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were unknown in international commerce disliked and subject to a higher rate of discount than English or French bills. Hermann Zwicker Anton Adelssen Adelbert Delbrück Heinrich von Hardt Ludwig Bamberger Victor Freiherr von Magnus Adolph vom Rath Gustav Kutter Gustav Müller Wilhelm Platenius, Georg Siemens and Hermann WallichThe bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg, its first foray overseas came shortly afterwards, in Shanghai and London followed sometime by South America.
The branch opening in London, after one failure and another successful attempt, was a prime necessity for the establishment of credit for the German trade in what was the world's money centre. Major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway. In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp and introduced the chemical company Bayer to the Berlin stock market; the second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entrée into Germany's main industrial regions. Joint ventures were symptomatic of the concentration under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time. In addition, the bank perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank three years but the success of those companies in showed that their existence made sound commercial sense.
The immediate postwar period was a time of liquidations. Having lost most of its foreign assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up, but there was new business, some of, to have an impact for a long time to come. The bank played a significant role in the establishment of the film production company, UFA, the merger of Daimler and Benz; the bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at that point the biggest merger in German banking history. Increasing costs were one reason for the merger. Another was the trend towards concentration throughout the industry in the 1920s; the merger came at just the right time to help counteract the emerging world economic and banking crisis. In 1937, the company name changed back to Deutsche Bank; the crisis was, in terms of its political impact, the most disastrous economic event of the century. The shortage of liquidity that paralyzed the banks was fuelled by a combination of short-term foreign debt and borrowers no longer able to pay their debts, while the inflexibility of the state exacerbated the situation.
For German banks, the crisis in the industry was a watershed. A return to circumstances that might in some ways have been considered reminiscent of the "golden age" before World War I was ruled out for many years. After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses. During the war, Deutsche Bank incorporated other banks that fell into German hands du
A casino is a facility which houses and accommodates certain types of gambling activities. The industry that deals in casinos is called the gaming industry. Casinos are most built near or combined with hotels, retail shopping, cruise ships or other tourist attractions. There is much debate over whether the social and economic consequences of casino gambling outweigh the initial revenue that may be generated; some casinos are known for hosting live entertainment events, such as stand-up comedy and sporting events. The term "casino" is a confusing linguistic false friend for translators. Casino is of Italian origin; the term casino may mean summerhouse, or social club. During the 19th century, the term casino came to include other public buildings where pleasurable activities took place. In modern-day Italian a casino is either a brothel, a mess, or a noisy environment, while a gaming house is spelt casinò, with an accent. Not all casinos were used for gaming; the Catalina Casino, a famous landmark overlooking Avalon Harbor on Santa Catalina Island, has never been used for traditional games of chance, which were outlawed in California by the time it was built.
The Copenhagen Casino was a theatre, known for the mass public meetings held in its hall during the 1848 Revolution, which made Denmark a constitutional monarchy. Until 1937, it was a well-known Danish theatre; the Hanko Casino in Hanko, Finland—one of that town's most conspicuous landmarks—was never used for gambling. Rather, it was a banquet hall for the Russian nobility which frequented this spa resort in the late 19th century and is now used as a restaurant. In military and non-military usage in German and Spanish, a casino or kasino is an officers' mess; the precise origin of gambling is unknown. It is believed that gambling in some form or another has been seen in every society in history. From the Ancient Greeks and Romans to Napoleon's France and Elizabethan England, much of history is filled with stories of entertainment based on games of chance; the first known European gambling house, not called a casino although meeting the modern definition, was the Ridotto, established in Venice, Italy in 1638 by the Great Council of Venice to provide controlled gambling during the carnival season.
It was closed in 1774. In American history, early gambling establishments were known as saloons; the creation and importance of saloons was influenced by four major cities: New Orleans, St. Louis and San Francisco, it was in the saloons that travelers could find people to talk to, drink with, gamble with. During the early 20th century in America, gambling became outlawed and banned by state legislation and social reformers of the time. However, in 1931, gambling was legalized throughout the state of Nevada. America's first legalized casinos were set up in those places. In 1976 New Jersey allowed gambling in Atlantic City, now America's second largest gambling city. Most jurisdictions worldwide have a minimum gambling age. Customers gamble by playing games of chance, in some cases with an element of skill, such as craps, baccarat and video poker. Most games played have mathematically determined odds that ensure the house has at all times an overall advantage over the players; this can be expressed more by the notion of expected value, uniformly negative.
This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos sometimes give out complimentary comps to gamblers. Payout is the percentage of funds returned to players. Casinos in the United States say that a player staking money won from the casino is playing with the house's money. Video Lottery Machines have become one of the most popular forms of gambling in casinos; as of 2011 investigative reports have started calling into question whether the modern-day slot-machine is addictive. Casino design—regarded as a psychological exercise—is an intricate process that involves optimising floor plan, décor and atmospherics to encourage gambling. Factors influencing gambling tendencies include sound and lighting. Natasha Dow Schüll, an anthropologist at the Massachusetts Institute of Technology, highlights the decision of the audio directors at Silicon Gaming to make its slot machines resonate in "the universally pleasant tone of C, sampling existing casino soundscapes to create a sound that would please but not clash".
Dr Alan Hirsch, founder of the Smell & Taste Treatment and Research Foundation in Chicago, studied the impact of certain scents on gamblers, discerning that a pleasant albeit unidentifiable odour released by Las Vegas slot machines generated about 50% more in daily revenue. He suggested. Casino designer Roger Thomas is credited with implementing a successful, disruptive design for the Las Vegas Wynn Resorts casinos in 2008, he broke casino design convention by introducing natural sunlight and flora to appeal to women. Thomas put in skylights and antique clocks, defying the commonplace notion that a casino should be a timeless space; the following li
A timeshare is a property with a divided form of ownership or use rights. These properties are resort condominium units, in which multiple parties hold rights to use the property, each owner of the same accommodation is allotted their period of time; the minimum purchase is a one-week ownership, the high-season weeks demand higher prices. Units may be sold as a partial ownership, lease, or "right to use", in which case the latter holds no claim to ownership of the property; the ownership of timeshare programs is varied, has been changing over the decades. The term "timeshare" was coined in the United Kingdom in the early 1960s, expanding on a vacation system that became popular after World War II. Vacation home sharing known as holiday home sharing, involved four European families that would purchase a vacation cottage jointly, each having exclusive use of the property for one of the four seasons, they rotated seasons each year, so each family enjoyed the prime seasons equally. This concept was used by related families because joint ownership requires trust and no property manager was involved.
However, few families vacation for an entire season at a time. Enterprising minds in England decided to go one step further and divide a resort room into 1/50th ownership, have two weeks each year for repairs and upgrades, charge a maintenance fee to each owner, it took a decade for timeshares in Europe to evolve into a smoothly run, business venture. The first timeshare in the United States was started in 1974 by Caribbean International Corporation, based in Fort Lauderdale, Florida, it offered. The company owned two other resorts the vacation license holder could alternate their vacation weeks with: one in St. Croix and one in St. Thomas. S. Virgin Islands; the Virgin Islands properties began their timeshare sales in 1973. The contract was simple and straightforward: The company, CIC, promised to maintain and provide the specified accommodation type for use by the "license owner" for a period of 25 years in the specified season and number of weeks agreed upon, with only two extra charges: a $15.00 per diem rate, frozen at that cost for the life of the contract.
The contract had a $25.00 switching fee, should the licensee decide to use their time at one of the other resorts. The contract was based on the fact that the cost of the license, the small per diem, compared with the projected increase in the cost of hotel rates over 25 years to over $100.00 per night, would save the license owner many vacation dollars over the span of the license agreement. Between 1974 and 1999, in the United States, inflation boosted the current cost of the per diem to $52.00, validating the cost savings assumption. The license owner was allowed to give their week away as a gift in any particular year; the only stipulation was that the $15.00 per diem must be paid every year whether the unit was occupied or not. This "must be paid yearly fee" would become the roots of what is known today as "maintenance fees", once the Florida Department of Real Estate became involved in regulating timeshares; the timeshare concept in the United States caught the eye of many entrepreneurs due to the enormous profits to be made by selling the same room 52 times to 52 different owners at an average price in 1974–1976 of $3,500.00 per week.
Shortly thereafter, the Florida Real Estate Commission stepped in, enacting legislation to regulate Florida timeshares, make them fee simple ownership transactions. This meant that in addition to the price of the owner's vacation week, a maintenance fee and a homeowners association had to be initiated; this fee simple ownership spawned timeshare location exchange companies, such as Interval International and RCI, so owners in any given area could exchange their week with owners in other areas. Cancellations, or rescission, of the timeshare contract, remain the industry's biggest problems to date; the industry is regulated in all countries. In Europe, it is regulated by national legislation. In 1994, the European Communities adopted "The European Directive 94/47/EC of the European Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the purchase of the right to use immovable properties on a timeshare basis", subject to recent review, resulted in the adoption on the 14th of January 2009 on European Directive 2008/122/EC.
On May 17, 2010, Mexico’s Ministry of Economy through the General Directorate of Standards established new regulations and requirements for developers of timeshare services. The new regulations are outlined in the Official Mexican Norm, which consists of a series of official standards and regulations applicable to diverse activities in Mexico; the following institutions were involved during the new standardization: Mexican Resort Development Association National Fund for Tourism Development Federal Consumer Protection Office Ministry of Economy Secretary of Tourism NOM is called: “NOM-029-SCFI-2010, Commercial Practices and Information Requirements for the Rendering of Timeshare Service". It established the following standards: Marketing companies are not allowed to offer gifts and solicit for prospective timeshare owners without specifying the real purpose of the offer; the requirements to cancel a timeshare contract must be less burdensome. NOM recognize
A restaurant, or an eatery, is a business which prepares and serves food and drinks to customers in exchange for money. Meals are served and eaten on the premises, but many restaurants offer take-out and food delivery services, some offer only take-out and delivery. Restaurants vary in appearance and offerings, including a wide variety of cuisines and service models ranging from inexpensive fast food restaurants and cafeterias to mid-priced family restaurants, to high-priced luxury establishments. In Western countries, most mid- to high-range restaurants serve alcoholic beverages such as beer and wine; some restaurants serve all the major meals, such as breakfast and dinner. Other restaurants may only serve a single meal or they may serve two meals; the word derives from the French verb "restaurer" and, being the present participle of the verb, it means "that which restores". The term restaurant was defined in 1507 as a "restorative beverage", in correspondence in 1521 to mean "that which restores the strength, a fortifying food or remedy".
The first use of the word to refer to a public venue where one can order food is believed to be in the 18th century. In 1765, a French chef by the name of A. Boulanger established a business selling soups and other "restaurants". Additionally, while not the first establishment where one could order food, or soups, it is thought to be the first to offer a menu of available choices The "first real restaurant" is considered to have been "La Grande Taverne de Londres" in Paris, founded by Antoine Beauviliers in either 1782 or 1786. According to Brillat-Savarin, this was "the first to combine the four essentials of an elegant room, smart waiters, a choice cellar, superior cooking". In 1802 the term was applied to an establishment where restorative foods, such as bouillon, a meat broth, were served. Restaurants are distinguished in many different ways; the primary factors are the food itself. Beyond this, restaurants may differentiate themselves on factors including speed, location, service, or novelty themes.
Restaurants range from inexpensive and informal lunching or dining places catering to people working nearby, with modest food served in simple settings at low prices, to expensive establishments serving refined food and fine wines in a formal setting. In the former case, customers wear casual clothing. In the latter case, depending on culture and local traditions, customers might wear semi-casual, semi-formal or formal wear. At mid- to high-priced restaurants, customers sit at tables, their orders are taken by a waiter, who brings the food when it is ready. After eating, the customers pay the bill. In some restaurants, such as workplace cafeterias, there are no waiters. Another restaurant approach which uses few waiters is the buffet restaurant. Customers serve food onto their own plates and pay at the end of the meal. Buffet restaurants still have waiters to serve drinks and alcoholic beverages. Fast food restaurants are considered a restaurant; the travelling public has long been catered for with ship's messes and railway restaurant cars which are, in effect, travelling restaurants.
Many railways, the world over cater for the needs of travellers by providing railway refreshment rooms, a form of restaurant, at railway stations. In the 2000s, a number of travelling restaurants designed for tourists, have been created; these can be found on trams, buses, etc. A restaurant's proprietor is called a restaurateur, this derives from the French verb restaurer, meaning "to restore". Professional cooks are called chefs, with there being various finer distinctions. Most restaurants will have various waiting staff to serve food and alcoholic drinks, including busboys who remove used dishes and cutlery. In finer restaurants, this may include a host or hostess, a maître d'hôtel to welcome customers and to seat them, a sommelier or wine waiter to help patrons select wines. A new route to becoming a restauranter, rather than working one's way up through the stages, is to operate a food truck. Once a sufficient following has been obtained, a permanent restaurant site can be opened; this trend has become common in the UK and the US.
A chef's table is a table located in the kitchen of a restaurant, reserved for VIPs and special guests. Patrons may be served a themed tasting menu served by the head chef. Restaurants can charge a higher flat fee; because of the demand on the kitchen's facilities, chef's tables are only available during off-peak times. In China, food catering establishments that may be described as restaurants have been known since the 11th century in Kaifeng, China's capital during the first half of the Song dynasty. Growing out of the tea houses and taverns that catered to travellers, Kaifeng's restaurants blossomed into an industry catering to locals as well as people from ot
New Frontier Hotel and Casino
The New Frontier was a hotel and casino on the Las Vegas Strip in Paradise, Nevada. It was the second resort that opened on the Las Vegas Strip and operated continuously from October 30, 1942 until it closed on July 16, 2007; the building was demolished on November 13, 2007. Wynn Resorts owns the land; the property started as a nightclub called Pair-O-Dice that opened in 1930 The Ambassador Night Club in 1936 and was renamed the 91 Club in 1939 for its location on US-91. It was subsequently rebuilt and renamed the Hotel Last Frontier in 1942. On April 4, 1955, it was renamed the New Frontier, following a modernization of the resort; the resort had the distinction of hosting Elvis Presley's first Vegas appearance in 1956, the final performance of Diana Ross and The Supremes on January 14, 1970. In the 1950s and the early 1960s, the New Frontier went through a succession of owners and operators. In 1966 and 1967 the casino had secret ownership interests by Anthony Joseph Zerilli and Michael Polizzi, "two high-ranking members of the Detroit Mafia family" according to The Boardwalk Jungle by Ovid Demaris, along with Emprise Corporation On September 22, 1967, the resort was purchased for about $14 million by businessman Howard Hughes.
Hughes purchased the resort from the previous owners, which had included Steve Wynn, with a 5% interest, in one of his early ventures when he first moved to the Las Vegas area. (Wynn indicated that he did not know that the other owners had mob connections. In 1988, Margaret Elardi bought The Frontier from Summa Corp.. Elardi had been the part-owner of the Pioneer Club Las Vegas and the Pioneer Hotel & Gambling Hall in Laughlin, she closed the showroom, which had featured Siegfried and Roy, down-scaled much of the hotel. In September 1991, union workers began a strike at the hotel. From September 21, 1991 until February 1, 1998 members of the Culinary Workers Union Local 226 in Las Vegas staged a strike against the New Frontier and the Elardis. A settlement was reached on October 28, 1997 when Ruffin announced he would purchase the New Frontier from the Elardis for $165 million; the strike ended when Ruffin took possession. According to an article in the Las Vegas Sun, the following events occurred during the strike: 17 CWU Local 226 strikers died.
106 babies were born to CWU member mothers. The Dunes, Landmark and Hacienda were all closed and imploded. More than 21,340 hotel rooms were constructed in the Las Vegas Strip. Construction on an additional 19,000 rooms and suites was started. 235 of the original 550 strikers had walked. Developer Phil Ruffin bought the resort in 1998 from embattled owner Margaret Elardi and her two sons. In 1999, the name was changed back to The New Frontier. In 2000, Ruffin announced plans to raze the current facility and replace it with City by the Bay, a megaresort with a San Francisco theme, but high interest rates and the September 11 attacks scuttled those plans. Donald Trump, in partnership with Ruffin, built a high-rise luxury hotel-condominium on some of its property, named the Trump Hotel Las Vegas; the project was announced in 2004, opened in 2008. In March 2005, with Las Vegas's fortunes on the rise, Ruffin announced new plans to demolish the current facility and replace it with a new resort with 3,000 rooms.
The $2-billion Montreux resort was to be funded by him. The name Montreux came from the famed Swiss resort; the upscale 2,750 room resort was intended to compete with The Paris Las Vegas. It was to use jazz music as a draw. Ruffin said, "We don't have a Strip casino that advertises good jazz music." A second Montreux Jazz Festival could have been a yearly event at the resort. The resort was to feature a 500-foot tall Ferris wheel similar in size to the famous London Eye. On May 15, 2007 El Ad Properties announced plans to purchase the New Frontier for $1.2 billion. El Ad, which owns the Plaza Hotel in New York City, intended to demolish the New Frontier and replace it with a replica to be called the Las Vegas Plaza; the New Frontier closed its doors at midnight on July 16, 2007, was demolished by implosion on November 13. The Atrium Tower was imploded with over 1,000 pounds of explosives; the demolition and its preparation were filmed for the National Geographic Channel and a program called Blowdown: Vegas Casino.
The hotel's marquee remained standing until December 10, 2008, when it was taken down at the request of Steve Wynn prior to the opening of the Encore Las Vegas across the street. The Las Vegas Plaza project was cancelled around November 2011. Wynn said that he would not bail out the project and blamed the failure of the development on Yitzhak Tshuva and Nochi Dankner's paying too much for the property. In 2014, Crown Resorts and Oaktree Capital Management announced the acquisition of the property with the intent to build the Alon Las Vegas; the project was halted in December 2016 and the land went up for sale in May 2017. On December 13, 2017, Wynn Resorts announced that it is buying the property, along with an additional attached four acres, for $336 million. No plans for when and how the property will be developed accompanied the announcement; the Atrium Tower lasted only 18 years, being built in 1989 and imploded in 2007. The other two towers were built in 1967 and were d
W Hotels is a luxury hotel chain owned by Marriott International, marketed towards a younger age group than their other upscale properties. As of July 2017, W operates 52 hotels in 25 countries and is continuing to expand both domestically and internationally. W Hotels was launched in 1998 with W New York, a conversion of the old Doral Inn hotel at 541 Lexington Avenue in Manhattan; the first few W hotels were conversions of existing hotels within the Starwood group. In 2001 Starwood made it its Starship property. W Hotels expanded its number of properties in the United States over the next decade and is now focusing its expansion efforts abroad for the most part. W opened its first hotel in Europe in Istanbul in May 2008; the hotel, located in the renovated Akaretler Row Houses, a group of historic structures built in the 1870s to house the employees of the Dolmabahçe Palace, blends the traditional Ottoman design of the row houses with the contemporary feel of the luxury hotel chain. W Barcelona hotel was W's first in Western Europe and opened in October 2009.
It features a futuristic design by architect Ricardo Bofill in the shape of a sail and, standing 26 stories tall, it can be seen from all over the city. W's most notable properties under-development includes the 62 storey W MUMBAI known as Namaste Tower; the lobbies of all the hotels are known as the "Living Room" to embrace a personable and encouraging atmosphere. W Hotels attempt to include the letter W wherever possible - the swimming pool is known as "Wet," the concierge and Service Express proudly use the slogan "Whatever/Whenever," valet is referred to as "Wheels," and the front desk is called "Welcome." Other cheeky branding queues that play up W Hotels cheeky and playful but still luxurious vibe can be found in their "P. A. W. S." or "Pets are Welcome" policy. Careful care is put into incorporating Ws into as many elements as possible, making for a tasteful and omnipresent reminder of staying somewhere different. W Hotels are accompanied by their well regarded "Bliss" spas. W Hotels use Bliss products for all bathroom amenities.
Many W properties are co-located with luxury apartments known as "Residences at the W" such as W Boston and W Austin. These residences are marketed towards a younger, more affluent demographic than other properties in the area. W Hotels "cocktail culture" plays a large role in W's efforts to reflect their setting--many properties offer "champagne check-ins" and feature nightclubs with noteworthy local DJs and well-known artists performing
Time Warner Center
The Time Warner Center is a mixed-use building complex in Columbus Circle, New York City. It was developed by The Related Companies and AREA Property Partners, designed by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill; the Time Warner Center consists of two 750 foot twin towers bridged by a multi-story atrium containing upscale retail shops. The complex contains office and residential tenants. Construction began in November 2000, following the demolition of the New York Coliseum, a topping-out ceremony was held on February 27, 2003; the property had the highest-listed market value in New York City, $1.1 billion, in 2006. Constructed as the AOL Time Warner Center, the building encircles the western side of Columbus Circle and straddles the border between Midtown and the Upper West Side; the total floor area of 2.8 million square feet is occupied by office space, including the offices of WarnerMedia and an R&D center for VMware. The Shops at Columbus Circle is an upscale shopping mall located in a curving arcade at the base of the building, with a large Whole Foods Market grocery store on the lower level.
Deutsche Bank will replace WarnerMedia as the anchor tenant of the 1,100,000-square-foot office area beginning in 2021, at which time it will be renamed the Deutsche Bank Center. The redevelopment of the New York Coliseum site at Columbus Circle was first proposed in 1985, it was delayed for nearly 15 years after Mortimer Zuckerman's Boston Properties won a bidding contest to buy the property from the New York Coliseum's owners, the Metropolitan Transportation Authority. The company proposed to construct a headquarters for Salomon Brothers on the 4.5-acre Coliseum site. Opponents of the project were concerned. In 1988, the sale was nullified and Salomon Brothers withdrew from the project. New York City and Boston Properties renegotiated the deal to call for a 52-story structure designed by David Childs at a reduced price of $357 million; the plan still languished until 1998 when the Coliseum site was sold to Time Warner and The Related Companies for $345 million. The Coliseum was demolished in 2000.
The Time Warner Center was the first major building to be completed in Manhattan after the September 11 attacks, although it was under construction at the time of the attacks in 2001. While some New Yorkers noted the uncanny resemblance of the Time Warner Center to the fallen Twin Towers, the building's developer refuted any intentional similarity, it was opened in phases in 2003. The Sunshine Group was in charge of marketing the building. Sandie N. Tillotson bought the top floor of the uncompleted north tower for $30 million shortly after the September 11 attacks — a record for a condominium at the time; that sale would be eclipsed in 2003 when Mexican financier David Martinez paid $54.7 million for a penthouse condo a record for New York residential sales. In January 2014, Time Warner sold its stake in the Columbus Circle building for $1.3 billion to Related Companies, the Abu Dhabi Investment Authority, GIC Private Limited and formally announced it would move in early 2019 to 30 Hudson Yards, a development owned by Related.
In May 2018, Deutsche Bank announced that it was leasing the entire 1,100,000-square-foot occupied by Time Warner for 25 years, beginning in the third quarter of 2021. Following the news, Related Companies announced that the complex would be renamed the Deutsche Bank Center upon the company's arrival; the Time Warner Center has 55 floors. The top floor is labeled as the 77th floor. A multistory cable-net wall serves as the entrance to the atrium where the center's two 55-story towers intersect. Spanning 98 feet across and 160 feet high, the cable structure was the largest in North America at the time of its completion; the building has several street addresses, including 10 Columbus Circle for offices, 25 Columbus Circle for the south tower, named "One Central Park" and 80 Columbus Circle for The Residences at Mandarin Oriental. The address One Central Park West, belongs to the Trump International Hotel and Tower across Broadway. Upon the completion of the Time Warner Center, Trump made a "little joke" at the Time Warner Center's expense by hanging a large sign on his building gloating, "Your views aren’t so great, are they?
We have the real Central Park views and address."The building has an entrance to the 59th Street–Columbus Circle station of the New York City Subway near Columbus Circle's south end. The center has ground floor tenants including designer restaurants. On February 5, 2004, Whole Foods Market opened its 68,000 square feet Columbus Circle store in the Time Warner Center. In 2005, the wine shop in the store closed after the store pleaded no contest to state charges of illegal operation. Whole Foods planned to replace the center with an expanded coffee bar, a gelato counter, additional checkout lines. Upper floors include Per Se and Porter House New York; the complex is home to three entertainment areas. CNN's studios in the Time Warner Center, are one of the network's three primary broadcast sites. Shows which originate from the New York facility include Anderson Cooper 360° and Erin Burnett OutFront. CNN's Jeanne Moos, known for her offbeat "man on the street" reporting accosts her interview subjects just outside the building.
In 2005, Jazz at Lincoln Center announced a partnership with XM Satellite Radio which gave XM studio space at Frederick P. Rose Hall to broadcast both daily jazz programming and special ev