The Real Deal New York

Tishman Speyer Properties is selling the current New York Times headquarters at 229 West 43rd Street and hopes to fetch about $500 million, or $666 a square foot, for the 15-story building. Tishman Speyer purchased the building in November 2004 for $175 million. Although there is a seemingly insatiable demand for Manhattan office space, the building’s buyer will likely have to spend a significant amount of money renovating the 1913-vintage building. The Times Company will be moving its headquarters to a new, under-construction tower on Eighth Avenue between 40th and 41st streets later this year. more [NYT]