Firms turn to subleasing

British Telecom is moving into The New York Times Building, and reportedly signed the lease for their 63,000-square-foot space for just $95 per square foot. “You can’t find new construction anywhere in Manhattan for under $100 a square foot,” Robert Ageloff, managing principal at The Staubach Co., told Crain’s. British Telecom subleased the space from another tenant, ClearBridge Advisors, a subsidiary of investment firm Legg Mason. More subleases are expected to become available as the economy worsens and more companies downsize. The Real Deal took a look at subleasing in its January issue.