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Times Co. in Talks To Sell Stake in HQ

NEW YORK CITY-Published reports say the company is negotiating a sale-leaseback to W.P. Carey of 19 floors at 620 Eighth Ave.

By Paul Bubny | Updated on January 23, 2009

NEW YORK CITY-An article in The New York Times reports that its parent company is in advanced negotiations to sell part of its 52-story headquarters building at 620 Eighth Ave. GlobeSt.com previously reported that the New York Times Co. had retained Cushman & Wakefield to act at its agent in securing financing.

According to published reports, the Times Co. would sell the 19 floors it currently uses to locally based W.P. Carey & Co., which specializes in sale-leasebacks. The sale would not include the six floors that the Times Co. leases to other tenants, nor would it include the 42% of the building owned by Forest City Ratner Cos. Under the deal, the Times Co. would continue to occupy and manage its floors and would have the right to buy back the space after a 10-year lease expires.

A Times Co. spokeswoman is quoted in the Times article as declining to discuss the terms of the deal, and tells GlobeSt.com she cannot comment further on the negotiations. However, she says the Times Co. had previously announced it was pursuing a sale-leaseback arrangement for up to $225 million and would use the proceeds to pay down some of its long-term debt. A W.P. Carey spokesman contacted by GlobeSt.com declined to comment.

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