Blackstone Said to Seek $525 Million for Old NYT Offices

Updated on

Blackstone Group LP is selling the Manhattan offices that once housed the New York Times after completing renovations and signing new tenants including Yahoo! Inc., said a person with knowledge of the plans.

Blackstone is seeking about $525 million, or more than $1,000 a square foot, for the top 12 floors of the 102-year-old property, said the person, who asked not to be identified because the planned sale is private.

The New York-based firm bought the office portion of the 16-story building at 229 W. 43rd St. in 2011 for $160 million. It invested $105 million in renovations aimed at luring Internet and communications companies to the property, which had been the headquarters of the New York Times from 1913 to 2007. Yahoo leased four floors in 2013.

Yahoo has since leased an additional floor and will have branding on the building later this year, said Carolyn Clark, a spokeswoman for the Sunnyvale, California-based company.

The office condominium being sold by Blackstone totals 479,000 square feet (44,500 square meters).

Christine Anderson, a spokeswoman for New York-based Blackstone, declined to comment. The plans were reported late Tuesday by Real Estate Alert, an industry newsletter.

The retail portion of the building, totaling 250,000 square feet, was sold earlier this month to Kushner Cos. for $296 million. The seller was a partnership between Africa Israel USA and an affiliate of Five Mile Capital Partners.