(AP) The New York Times Co. plans to sell its Manhattan high-rise headquarters to a partnership led by Tishman Speyer Properties, the companies announced Monday.
The partnership is expected to buy the property for $175 million in a deal that will likely close before the end of the year, the Times and Tishman Speyer said in a statement.
The Times has occupied the midtown building, which has 15 floors of office space, since 1913.
The Times plans to remain in the building as a tenant until it moves into its new headquarters, a 52-story office building in Times Square that is expected to open in 2007.
Tishman Speyer plans to renovate the property after the Times moves.