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January 23, 2009
The NY Times Co. to sell portion of building co-owned with Forest City Ratner
Bruce Ratner is about to get a new business partner in the Times Tower:
The Wall St. Journal, Times Co. Nears Deal On Building
New York Times Co. is nearing a deal to sell a portion of its Midtown Manhattan headquarters in the latest of a string of recent efforts to reduce its debt load.
The deal under discussion is a sale-leaseback transaction in which Times Co. would sell the 19 floors it occupies at its 52-story headquarters to W.P. Carey & Co., an investment-management company, a person familiar with the talks said. Times Co. would continue to occupy and manage the space and have the right to buy it back in 10 years when its lease expires. Times Co. owns an additional six floors that it leases to other tenants; those floors aren't part of the deal.
The building, designed by the architect Renzo Piano, was completed in 2007. Times Co. owns 58% of the tower, and the developer Forest City Ratner owns the rest.
The NY Times, Times Co. Is in Talks to Sell Part of Building
A spokeswoman for the Times Company, Catherine J. Mathis, declined to say how much W. P. Carey would pay for the space, what it would cost to repurchase it or what the rent would be. The Times Company previously said that it was pursuing a sale-leaseback arrangement for up to $225 million and would use the proceeds to repay some of thecompany’s long-term debt.
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The Times Company owns 58 percent of the 1.5-million-square-foot tower. The developer Forest City Ratner owns the rest of the building. Forest City’s portion will not be included in the sale.
Bloomberg.com, New York Times in Talks to Sell Part of Manhattan Headquarters
The stock fell 42 cents, or 7 percent, to $5.58 yesterday and is down almost 90 percent from a high of $52.79 in June 2002. New York Times has been seeking to sell assets, trim staff and increase revenue through front-page advertisements.
The publisher is also looking for a buyer for its 17.5 percent stake in the Boston Red Sox baseball team, a person familiar with the talks said this month.
Reuters, NY Times in building sale talks with W.P. Carey: report
The building was completed in 2007.
Earlier this month, the company agreed to a pricey $250 million loan from Mexican billionaire Carlos Slim giving the Times extra time to sell assets and improve its business.
Posted by lumi at January 23, 2009 4:44 AM