Tishman Speyer buys NYT building on 43rd; made pre-emptive offer of $175m.Amid a tough field of competitors, including REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). heavies Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. and Boston Properties, Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview triumphed last Sunday in its bid for The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times' 750,000 s/f headquarters on West 43rd Street between 7th and 8th Avenue. With a winning $175 mil lion offer and a bold plan to convert the 15-story building, which has been the Times' home since 1913, into office and ground floor retail space, Tishman Speyer swept the deal off the table in a preemptive bid at the start of the auction's second stage. Entering into intense negotiations that lasted the weekend, TSP, in partnership with the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Employees' Retirement System and the New York City Teachers' Retirement System, finalized an agreement late Sunday night. A necessity of the deal was that it be a sale-leaseback, as The New York Times' future headquarters, which is being built by Forest City Ratner just around the block between 40th and 41st Street across from the Port Authority bus terminal The Port Authority Bus Terminal often referred to merely as "The Port Authority" is the main gateway for interstate buses into Manhattan in New York City. It is operated by the Port Authority of New York and New Jersey. , won't be ready until 2007. Robert Speyer, a senior managing director of Tishman Speyer, reflected what most industry professionals believed: The building was an extraordinary opportunity. Its location and landmark facade was important to the buyer, as was the state of the current office market. While other bidders viewed the building as a site for a hotel or apartments, Tishman Speyer plans to renovate the space for offices, with the large truck bays facing 44th Street and 43rd Street converted to retail space. Among its current plans are a new lobby and new elevators. |
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