The Real Deal New York

Blackstone wants to sell ex-NY Times offices for $525M

Yahoo occupies five of the 12 floors in 229 West 43rd Street

May 21, 2015 08:00AM

229 West 43rd Street in Times Square (inset: Jon Gray, Blackstone Group's global head of real estate)

Rendering of 229 West 43rd Street in Times Square (credit: Neoscape) (inset: Jon Gray, Blackstone Group’s global head of real estate)

Blackstone Group is looking to sell a 12-story office condo in the former New York Times building for $525 million.

The space that’s up for grabs consists of the top 12 stories of 229 West 43rd Street in the Times Square area, an historic building that served as the headquarters of the New York Times from 1913 to 2007. The price of the 479,000-square-foot space works out to about $1,000 a foot, Bloomberg News reported.

Blackstone bought the office portion of the building for $160 million in 2011 and invested $105 million in renovations. Yahoo leased four floors in 2013 and has since taken another floor.

The building has a total of 16 stories. Kushner Cos. bought the retail portion earlier this month for $296 million. [Bloomberg News] — Tess Hofmann