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Chang W. Lee/The New York Times

The New Yorker Book of Lawyer Cartoons

$11.95


The planned headquarters for The New York Times Company.

So let me get this out of the way: As an employee, I’m enchanted with our new building on Eighth Avenue. The grand old 18-story neo-Gothic structure on 43rd Street, home to The New York Times for nearly a century, had its sentimental charms. But it was a depressing place to work. Its labyrinthine warren of desks and piles of yellowing newspapers were redolent of tradition but also seemed an anachronism.

The dramatic, Renzo Piano-designed office tower is being developed through a network of joint ventures between the New York Times Co., Forest City Ratner Co. and financial partner ING Real Estate. Arranged by Insignia/ESG vice chairman Mary Ann Tighe and executive managing director Gregory Tosko, the three-pronged deal includes an alliance between the Times and FCRC; a separate deal between FCRC and ING; and the 99-year, $85.6-million ground lease and land acquisition agreement between the Times, FCRC and the City and State of New York. The lease gives the joint venture the option to purchase the site after 29 years. FCRC will be the developer of the project, which will open in two phases during 2005 and 2006.

Copyright 2005 The New York Times Company

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Copyright 2004 The New York Times Company

At a moment when skyscrapers have never seemed more vulnerable, The New York Times Company and Forest City Ratner Companies declared their intention yesterday to build a 52-story tower described by its designers in terms of lightness and transparency.

"The fact that the project may advance incidental private interests of The New York Times Company and the developer of additional office space is not unlawful and does not detract from its public purpose," the state said.