Times and W.P. Carey sign sale-leaseback

The New York Times Company and W. P. Carey & Co., an investment management company,
have entered into a $225 million sale-leaseback transaction for space
at the Times’ Manhattan headquarters, the two companies announced this week. The sale-leaseback involves 750,000 square feet over 21 floors
of the 52-story Building On Eighth Avenue between 40th and 41st
streets. The lease extends for 15 years, with an option for the Times
Company to repurchase the space for $250 million in the 10th year of
the lease. The company will pay $24 million in rent the first year and
more in subsequent years, and will use the proceeds from the sale to
pay down debt. TRD