The Times' new headquarters building is being developed througha network of joint ventures between the New York Times Co., ForestCity Ratner Co. and financial partner ING Real Estate. Thethree-pronged deal, which was arranged by Insignia/ESG vicechairman Mary Ann Tighe and executive managing director GregoryTosko, includes an alliance between the Times and FCRC; a separatedeal between FCRC and ING; and the ground lease and landacquisition agreement between the Times, FCRC and the City andState of New York. FCRC will be the developer of the project, whichwill open in two phases during 2005 and 2006.

The building will be located on the east side of Eighth Avenuebetween 40th and 41st streets, opposite the Port Authority BusTerminal. The 79,000-sf parcel, which will be acquired viacondemnation by the state, occupies the entire block along EighthAvenue and extends roughly half a block east toward SeventhAvenue.

The property is within the 42nd Street Development Project, thecity/state partnership established in the mid-1980s to oversee therevitalization of Times Square.