New York Times Buys, Sells 1M-SF Plant

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EDISON, NJ-The New York Times has simultaneously bought and sold its mammoth 1.4-million-sf printing and warehouse facilities and an adjacent development parcel here, altogether totaling 86 acres. The moves are tied to a plan by the company to consolidate its printing operations at a newer facility in College Point, Queens, NY. The ultimate owner of the facility here is an affiliate of the New York City-based KTR Capital Partners.

The Times had reportedly been ready to sublease the local complex through 2018. But after doing the math, company officials decided it would be less costly to buy the property and concurrently re-sell it rather than absorb what are said to be above-market rental terms only partially offset by sublease rents. The company would also have had to absorb the costs of restoring the sublet buildings to their original state, as contractually required by its original lease.