NYT sells, leases back part of building
China Daily | Updated: 2009-03-10 07:48
The New York Times Co said yesterday it gained more financial flexibility by selling 21 floors of its headquarters building in midtown Manhattan for $225 million.
The newspaper will lease back the space from the buyer, investment firm W.P. Carey & Co, under a 15-year contract.
Times shares jumped 21 cents, 5.2 percent, to $4.28 in morning trading.
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