Extra, extra! New York Times sublets 140K sf at Eighth Ave. HQ

“Dark pool” trading network Liquidnet takes space at 620 Eighth Avenue

TRD New York /
Jan.January 08, 2018 11:00 AM

The New York Times Building at 620 Eighth Avenue and A.G. Sulzberger (Credit: NYTCO)

The New York Times found a tenant to lease roughly half the space it put on the sublet market at its Eighth Avenue headquarters last year, sources told The Real Deal.

Liquidnet, a trading network that specializes in private “dark pool” exchanges, inked a deal to sublease a little more than 140,000 square feet of the media company’s space at 620 Eighth Avenue, sources familiar with the deal said.

Terms of the lease were not immediately clear, but the asking rent for the space was $78 per square foot.

A spokesperson for the New York Times Company declined to comment, and a representative for Liquidnet did not respond to a request for comment.

Liquidnet, founded in 2001, is currently headquartered a few blocks away at George Comfort & Sons’ 498 Seventh Avenue, where it signed a deal in 2005 to expand to 100,000 square feet in the building. The company in 2013 sublet nearly 30,000 square feet of its space to digital media firm Alloy Digital.

Mitch Konsker at JLL represented Liquidnet in its deal with the Times. Andrew Sachs at Newmark Knight Frank negotiated on behalf of the newspaper company.

The Times put 250,000 square feet up for sublease about a year ago as it scaled back its footprint in the 52-story tower that bears its name as a cost-savings measure.

In the meantime, the Times signed a sublease deal with Time, Inc. at 1271 Sixth Avenue to occupy roughly 160,000 square feet while it overhauls its space on Eighth Avenue, as TRD originally reported.

The newspaper partnered with Forest City Ratner Companies to develop the Renzo Piano-designed, 1.8 million-square-foot tower in 2007, and just two years later it sold part of its interest in the building to W.P. Carey for $225 million in a sale-leaseback deal. The Times disclosed its annual lease payment to be $24 million a year, or $32 per square foot. The term on its lease runs through 2024, according to CoStar Group.


Related Articles

arrow_forward_ios
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
From left: Manhattan Mall at 100 West 33rd Street, Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Roth by Misha Friedman/Getty Images; Manhattan Mall via VNO; Farley Building via SOM)

Vornado may convert Midtown J.C. Penney space to last-mile facility

Vornado may convert Midtown J.C. Penney space to last-mile facility
(iStock)

TRD Insights: Nationwide office leasing demand hits two-decade low

TRD Insights: Nationwide office leasing demand hits two-decade low
Bryant Park Hotel at 40 West 40 Street (Google Maps; iStock)

Bryant Park Hotel being marketed as office space

Bryant Park Hotel being marketed as office space
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment
Calpers CEO Marcie Frost, CommonWealth CEO Brett Munger and City National Plaza (Google Maps)

TRD Insights: Here’s what tenants pay at LA’s massive City National Plaza

TRD Insights: Here’s what tenants pay at LA’s massive City National Plaza
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...