The Real Deal New York

New York Times looks to lease floor at Midtown West HQ

October 15, 2013 11:02AM

The New York Times is aiming to further downsize its space at its Renzo Piano-designed headquarters at 620 Eighth Avenue. The newspaper is looking to lease the single floor that it owns in the 52-story building, developed by Forest City Ratner.

CBRE Group’s Mary Ann Tighe, Gregory Tosko, Sacha Zarba, Zachary Freeman and Ramneek Rikhy are marketing the 21st floor lease, which spans 30,917 square feet.

The move is “part of an overall restacking effort” by the Times, Tosko told the New York Post.

At one point, the newspaper owned 25 floors at the Midtown West tower — more than Forest City Ratner itself — but has sold them off in recent years.

Asking rents were not disclosed, but a 45th-floor sublease on one of the Forest City Ratner-owned floors had asking rents of $70 per square foot last year, according to the Post.

A spokesperson for the Times referred the Post to the company’s second-quarter earnings call, in which Chief Financial Officer Jim Follo said that the Times owned one floor “that we still occupy but have the option of renting out.” [NYP, 1st item] — Hiten Samtani