The 52-story office tower is now under construction and expected to open next spring. A FCRC spokesperson tells GlobeSt.com that the deal between the Cleveland-based firm and ING was a private transaction and that financial details were not being released. ING officials did not respond by deadline. The partnership was established in December 2001.
"As long term owners of real property in New York, it makes great sense for Forest City Ratner to increase our ownership in the New York Times Building," says Bruce C. Ratner, president and CEO. The pair will continue to work on other projects. In the summer of 2003, ING provided a mortgage for the 15 MetroTech Center and in December 2004, ING provided a credit enhancement facility for the financing of the 16-story office building at Atlantic Terminal. Both are in Brooklyn.
The NYT site is located between 40th and 41st streets along Eighth Avenue. When completed, floors two through 28 will serve as the Times' headquarters and will be owned by the paper. Forest City will own the entire 700,000 sf on floors 29 through 52 as well as 24,000 sf of retail space on the ground floor.
Last week, the project's first lease, for 100,000 sf, was signed by law firm Seyfarth Shaw LLP. CB Richard Ellis is the leasing agent.
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