New York Times plans to sell 'substantial portion' of 52-story headquarters
The New York Times Company is in talks with investment and management firm W. P. Carey & Company to sell 19 floors of its award-winning headquarters building to W.P. Carey in a sale-leaseback transaction, writes Terry Pristin of the New York Times.
Pristin writes: "Under the deal, the Times Company would sell the 19 floors it currently uses in the building but not the 6 floors it leases to other tenants. The Times Company would continue to occupy and manage its floors and would have the right to buy back the space at a predetermined price when a 10-year lease expires."
Read the full story at: http://www.nytimes.com/2009/01/23/business/media/23times.html