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.