The NYT was slated to take the first 29 floors, with FCRC responsible for leasing the remaining 700,000 sf, but it has surrendered floors 23 through 27 to the tenant market. At this point there is no potential tenant, according to Tosko, who will handle the spaces marketing and leasing. Marketing of the space should begin in the next 30 to 60 days. A asking rate has not been established but Tosko tells GlobeSt.com that the estimates in the mid-80s aren't far from the mark.
The 155,000 sf of space could potentially house several users, according to Tosko, who says the NYT would "consider different sizes and different terms." Tenants could occupy the space by the end of this year.
As reported by GlobeSt.com, FCRC has signed leases for almost 75% of the space it is responsible for, including Legg Mason's lease for 200,000 sf. Covington & Burling for 160,000 sf, Seyfarth Shaw for 100,000 sf and Osler, Hoskins & Hardcourt for 64,000 sf. Lease rates for these transactions have not been disclosed.
CBRE also handles the leasing for FCRC's share of the building. Mary Ann Tighe, chief executive officer New York Tri-State Region for CBRE, handled the past building leases.
Last week, the New York Times Co. reported its third quarter net income fell to $14 million from $23.1 million at the same time in 2005. The company's third quarter results also showed a drop in diluted earnings per share to $.10 from $.16 in the third quarter of last year. Lay-offs, consolidation and plant closures were among the ways the NYT was attempting to cut costs, according to the report.
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