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

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

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


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