GlobeSt.com first reported a possible sale-leaseback deal in January, and terms of the deal formally announced on Monday are similar to what was initially reported. Locally based W.P. Carey and two of its publicly-held, non-traded REIT affiliates, CPA:16–Global and CPA:17–Global, bought the 21 floors, totaling 750,000 square feet, which the Times Co. uses as headquarters space. Initial reports indicated that the space would be 19 floors.
The transaction does not encompass the six floors at 620 Eighth which the Times Co. leases to other tenants. Nor does it include any of Forest City Ratner Cos.' 42% ownership of the 52-story tower.
A spokesman for W.P. Carey tells GlobeSt.com this is among the biggest transactions the investment company has undertaken to date. "We've done larger multi-asset transactions, but this is one of the largest single-asset sale-leasebacks we've done," says the spokesman.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
