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New York Times to repurchase portion of its leasehold in NY HQ for $250M

A subsidiary of the New York Times Co. has informed an affiliate of W. P. Carey Inc. of its intention to repurchase a portion of its leasehold condominium interest in its headquarters building at 620 Eighth Ave. in Manhattan, N.Y., for approximately $250 million.

The option, which is exercisable in 2019, was part of a $225 million sale and leaseback deal that the media company signed in March 2009 with the diversified real estate investment trust for 21 floors covering roughly 750,000 rentable square feet at the 52-story building.