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Piano Sale

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Soooo, the New York Times Company "is in advanced negotiations to sell a substantial portion" of its Renzo Piano-designed and Bruce Ratner-developed 52-story headquarters building on Eighth Avenue to W. P. Carey & Company. It's an investment and management firm specializing in sale-leaseback transactions. The Times would sell the 19 floors it uses but not the 6 floors it leases to other tenants. It could buy back the floors at a at a predetermined price when a 10-year lease expires. No word on if there's a clause in the contract about discounts if people climb the building. [NYT]