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NEW YORK CITY-The New York Times reported on Monday that its parent company plans to borrow up to $225 million against its headquarters building at 620 Eighth Ave., to ease a potential cash flow squeeze as profits shrink. Stock in the New York Times Co. has lost more than half its value this year.

According to the published report, the Times Co. has retained Cushman & Wakefield to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback. A C&W spokeswoman referred GlobeSt.com’s calls for comment to the Times Co.

The Times Co. owns 58% of the 52-story 620 Eighth Ave., which was completed last year. Forest City Ratner Cos., which developed the 1.5-million-square-foot tower, owns the rest of the building. To access the complete story, click here.

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