The New York Times Finds A Buyer For Part Of Its Building

The New York Times says the New York Times Company (efficient!) is in “advanced negotiations” to sell a “substantial portion” of its headquarters to investment firm WP Carey & Company. 

Here’s what we know:

  • The Times would sell the 19 floors it uses and hang on to the 6 floors it leases.
  • The Times would then sign a 10-year lease for its 19 floors.
  • It would have the right to buy back its 19 floors for a predetermined price after  those 10 years.
  • WP Carey & Co usually buys industrial buildings, retail properties or suburban office parks

Here’s what we don’t know:

  • How much the sale will go for. Before, the Times said it would pursue a sale-leaseback for “up to $225 million.” So I guess we know they didn’t get $225,000,001, but that still leaves a lot of wiggle-room.

See Also:
Our Plan To Fix The New York Times (NYT)

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.