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October 24, 2006
NYT backs off space at its new headquarters
Crain's NY Business
By Julie Satow
Here's the latest drama at the Times Tower:
The New York Times Co. is giving up five floors at its new corporate headquarters before it has even moved in.
The publishing company, which reported a 39% drop in third-quarter profit, is on the hunt for a tenant to occupy 155,000 square feet on the 23rd through 27th floors at 620 Eighth Ave. -- the brand spanking new skyscraper that is under construction between West 40th and West 41st streets.
The Times partnered with Forest City Ratner to develop the 52-story building, designed by Pritzker Prize-winning architect Renzo Piano. The publisher of The New York Times had planned to occupy the first 29 floors, with Ratner leasing the remainder of the building. So far, Ratner has signed leases for more than 75% of its 700,000 square feet.
Posted by lumi at October 24, 2006 10:26 PM