New York Times Company sells part of HQ for $225m
Posted
by
Paul McNally
on 9 March 2009
at 14:34
Tags: Journalism
The New York Times Company has announced the sale of part of its New York headquarters, raising $225m to help it reduce its debt levels.
The group confirmed today that it had sold 21 floors in the new 52-story building, designed by Italian architect Renzo Piano, to WP Carey.
It will lease the space back for the next 15 years, at an annual rate starting at $24m.
The transaction includes an option for the New York Times Company to buy back the space for $250m in 10 years’ time.
Tags: Journalism
