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NEW YORK
Construction has kicked off for the 1.7-million-sf New York Times Co. headquarters, thanks to a $320-million loan provided by GMAC Commercial Mortgage Corp. Fox and Fowle Architects and Renzo Piano designed the 52-story Midtown Manhattan tower, which is being built by a joint venture of Forest City Ratner Cos., ING Real Estate and the Times. The newspaper will occupy the lower floors of the building, which also contains a four-story internal garden, as well as a 378-seat auditorium and 22,000 sf of retail on the ground floors. Some 700,000 sf of office space on the upper floors will be put up for lease. The financing covers an estimated three-year construction period.
The New York City-based Singer & Bassuk Organization has arranged $135 million of debt for a pair of private investors that bought 20 Exchange PL, a 57-story, 800,000-sf office tower in Lower Manhattan. The buyers plan to convert the property's upper floors into high-end condos. Floors one through 15 will remain the Federal Deposit Insurance Corp.'s Eastern regional headquarters. A...