NEW YORK — The sprawling AOL Time Warner Center, which is still under construction, is experiencing a shift in ownership.

Real estate developers The Related Cos. and partner Apollo Real Estate Advisors have agreed to sell 49.5 percent of the retail portion of the complex to the San Francisco-based firm MacFarlane Partners and the California Public Employees’ Retirement System. The deal is thought to be worth up to $500 million.

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