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Times May Sell Stake in HQ Tower

NEW YORK CITY-An article in The New York Times says its parent company has retained Cushman & Wakefield to help secure financing.

By The New York Times | Updated on December 08, 2008

NEW YORK CITY- The New York Times reported on Monday that its parent company plans to borrow up to $225 million against its headquarters building at 620 Eighth Ave., to ease a potential cash flow squeeze as profits shrink. Stock in the New York Times Co. has lost more than half its value this year.

According to the published report, the Times Co. has retained Cushman & Wakefield to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback. A C&W spokeswoman referred GlobeSt.com’s calls for comment to the Times Co.

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