New York Times Finds Taker For Half Of Sublease Space At Headquarters
The New York Times has found a sublease tenant for over half of the space it vacated when it consolidated its headquarters at 620 Eighth Ave.
Liquidnet, a private exchange for "dark pool" financial transactions, has agreed to sublease 140K SF from the Times, which made 250K SF, or eight floors, of the 57-story, 1.8M SF tower available at the end of 2016, The Real Deal reports. The Times was reportedly asking $78/SF for the space.
Liquidnet will relocate from its lease at George Comfort & Sons' 498 Seventh Ave., where it has been since at least 2005. Mitch Konsker of JLL represented the company in the deal, while Andrew Sachs of Newmark Knight Frank represented the Times.
The New York Times co-developed 620 Eighth Ave. with Forest City Ratner in 2007, but soon sold at least part of its stake in the building to WP Carey in a leaseback deal for $225M and a below-market lease of $32/SF that runs until 2024, according to TRD.
While it renovates its offices to modernize its space and account for the smaller footprint, the venerable paper has subleased 160K SF of Time Inc.'s space at 1271 Sixth Ave., which the media company has already vacated for a new home in Brooklyn.