In a further sign of its desperate need for cash, The New York Times sold its new headquarters off of Times Square for $225 million, the company announced on Monday, and will lease back space for its operations.
The Times had moved into 21 floors of the Renzo Piano-designed building in 2007, but it was forced to sell its space as plummeting ad revenues coincided with the credit crunch to seriously impair the company's financial performance.
The building was bought by New York-based real estate investment bank WP Carey & Co, which was "able to clearly understand our company, our facility and our objectives," Janet L. Robinson, president and chief executive of the New York Times said in a statement on Monday.
