ESTATE


New York Times sells headquarters
2009/03/10, 7:26 pm
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The New York Times Co., one of the nation’s high-profile struggling newspapers, has sold most of its 52-story Manhattan headquarters building for $225 million in a sale-leaseback agreement.

Real-estate investment firm W.P. Carey & Co. will lease the 21 floors the Times occupies back to the company for 15 years. The Times has an option to buy the property back in 2019 for $250 million. In the meantime, The Times will use the proceeds to retire $250 million in notes due in 2010.

The leaseback agreement calls for the company to pay $24 million in rent in the first year. At about $55 per square foot, including operating costs and taxes, the initial rent is market rate with rental payments increasing in later years.
Source: The Wall Street Journal, Russell Adams (03/10/2009)

http://www.realtor.org/RMODaily.nsf/pages/News2009031005?OpenDocument

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