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NEW YORK CITY-In a deal valued at $175 million, a Tishman Speyer Properties-led limited partnership signed an agreement to purchase the landmark New York Times building at 229 West 43rd St. The 750,000-sf owner-occupied site contains 15 floors of office space. The deal is not expected to close until mid to late December and the Times Co. will stay in the site until its new headquarters site at 620 Eighth Ave. is ready for occupancy in 2007.

After the newspaper staff moves, Tishman Speyer will convert the site to class A office space with a retail component. Renovations will include adding a new lobby, and using the existing high ceilings and multi-window environment for the office space. The building’s loading docks will be transformed into retail space. The CB Richard Ellis team of Mary Ann Tighe, Gregory Tosko, Tim Dempsey, Darcy Stacom, Bill Shanahan and Melina Svingos is representing the New York Times.

“This will be an excellent addition to our New York City portfolio, in keeping with our other signature Manhattan properties,” says Robert Speyer, senior managing director of Tishman Speyer. The property is expected to be owned through a limited partnership between TSP, the New York City Employees’ Retirement System and the Teachers’ Retirement System.

The New York Times’ new 1.7-million-sf home is currently under construction. Once completed, the newspaper will occupy floors two through 28 and developer Forest City Ratner will have 700,000 sf of rentable space on floors 29 through 50.

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