New York Times Company sells part of HQ for $225m

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The New York Times Company has announced the sale of part of its New York headquarters, raising $225m to help it reduce its debt levels.

The group confirmed today that it had sold 21 floors in the new 52-story building, designed by Italian architect Renzo Piano, to WP Carey.

It will lease the space back for the next 15 years, at an annual rate starting at $24m.

The transaction includes an option for the New York Times Company to buy back the space for $250m in 10 years’ time.

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