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Times, W.P. Carey Ink $225M Sale-Leaseback

NEW YORK CITY-The New York Times Co. will use proceeds from the sale of its headquarters space at 620 Eighth Ave. to pay down debt.

By Paul Bubny | Updated on March 09, 2009

NEW YORK CITY-The New York Times Co. has sold its portion of its headquarters building at 620 Eighth Ave. to W.P. Carey & Co. and two affiliates in a $225-million sale-leaseback. In a release, the Times Co. says it will use proceeds from the sale to pay down debt.

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.

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