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FRIDAY, NOVEMBER 27, 2009
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Times Co. Sells HQ for $225M

Debt-laden paper enters sale-leaseback with investment firm

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(Newser) – The New York Times Company has raised $225 million through a sale-leaseback of its Eighth Avenue skyscraper, it announced this morning. The deal gives investment firm WP Carey ownership of the Times' share of the Renzo Piano-designed headquarters, which the newspaper moved into in 2007. The company will then lease the real estate back at $32 a square foot, about half the going price of similar office space.

The company had more than $1 billion in debt to pay off, despite a recent $250 million loan from Mexican billionaire Carlos Slim; it is also looking into the sale of its share of the Boston Red Sox. Today's deal gives the Times Company the option to buy back the building after 10 years—which both sides expect will be exercised.

Traffic passes in front of The New York Times building in New York. The company that owns the newspaper has sold its share of the building for $225 million and is leasing back office space.
Traffic passes in front of The New York Times building in New York. The company that owns the newspaper has sold its share of the building for $225 million and is leasing back office space.   (AP Photo/Mark Lennihan, file)
The front page of Monday's edition of The New York Times, containing an advertisement for CBS television, is shown Jan. 5, 2009. The Times has begun selling display advertising on the bottom of the front page, a trend that has become more common throughout the newspaper industry.
The front page of Monday's edition of The New York Times, containing an advertisement for CBS television, is shown Jan. 5, 2009. The Times has begun selling display advertising on the bottom of the front...   (AP Photo/Mark Lennihan)
The New York Times Company has sold its share of the Renzo Piano-designed headquarters seen here for $225 million and is leasing back office space.
The New York Times Company has sold its share of the Renzo Piano-designed headquarters seen here for $225 million and is leasing back office space.   (AP Photo/Frank Franklin II, File)
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anchower
Mar 9, 09 2:01 PM CDT
Why does the time own a piece of the Blood Sox? Reply
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