Extra, extra: New York Times buying back its building!

The company will buy headquarters at 620 Eighth Avenue from W.P. Carey & Company

TRD New York /
Nov.November 07, 2019 05:50 PM
New York Times building and publisher A.G. Sulzberger (Credit: Getty Images, Wikipedia)

New York Times building and publisher A.G. Sulzberger (Credit: Getty Images, Wikipedia)

The New York Times plans to buy back its Manhattan headquarters at 620 Eighth Avenue in December for $245 million, the paper reported on Wednesday.

The Times purchased the 52-story building for $619 million and moved into it in 2007. It entered into a sale-leaseback agreement just two years later and raised $225 million to help pay down its debts. The agreement included a 2019 option to buy back the building.

The deal began with an annual lease payment of $24 million, which worked out to $32 per square foot — much lower than average asking prices at the time.

The Times previously planned to buy back its building for $250 million. The current leaseholder on the property is the investment firm W.P. Carey & Company. [NYT] – Eddie Small


Related Articles

arrow_forward_ios
Facebook CEO Mark Zuckerberg, a rendering of the Farley Post Office building redevelopment and Vornado's Steve Roth (Credit: Getty Images, VNO)

Facebook snagged $100M discount on Farley Post Office deal

Facebook snagged $100M discount on Farley Post Office deal
Elie Tahari, 510 Fifth Avenue and Vornado chairman Steve Roth (VNO; Getty)

Vornado goes after Elie Tahari for bailing on Fifth Ave lease

Vornado goes after Elie Tahari for bailing on Fifth Ave lease
Clockwise from left: 432 West 19th Street, 61-15 Metropolitan Avenue in Ridgewood, 45 West 39th Street and 1518 Macombs Road in the Bronx (Google Maps)

Charter school shells out $21 million for Bronx parcels

Charter school shells out $21 million for Bronx parcels
Assemblymember Steven Otis (NYAssembly.gov, iStock)

State bill would soften blow for commercial tenants who break leases

State bill would soften blow for commercial tenants who break leases
Marriott Essex House, Knickerbocker Hotel and the New Yorker Hotel

What reopening? Hotel layoff notices pour in

What reopening? Hotel layoff notices pour in
Hotelier John Fitzpatrick and the Fitzpatrick Hotel at 687 Lexington Avenue (Google Maps)

Fitzpatrick Hotel rehires staff just to lay them off again

Fitzpatrick Hotel rehires staff just to lay them off again
RFR Realty’s Aby Rosen with 1600 Broadway and 900 Third Avenue (Credit: Getty Images, Google Maps)

Aby Rosen ditches $600M in building buys

Aby Rosen ditches $600M in building buys
150 West 48th Street and Sam Chang (Credit: Google Maps and iStock)

What retirement? Sam Chang files plans for Midtown hotel

What retirement? Sam Chang files plans for Midtown hotel
arrow_forward_ios

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

Loading...