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.
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