Context Previous New York Times buildings as seen in 1904
The New York Times, founded in 1851, was first housed in 113
Nassau Street in
Lower Manhattan. It moved to 138 Nassau Street, the site of what is now the
Potter Building, in 1854. The
Times moved to a neighboring five-story edifice at
41 Park Row in 1858. Partially prompted by the development of the neighboring
New York Tribune Building, the
Times replaced its building in 1889 with
a new 13-story building at the same site, one that remains in use by
Pace University with some modifications. In 1905, the paper moved to
One Times Square at 42nd Street and Broadway. The area surrounding the new headquarters was renamed from Longacre Square to
Times Square. Among the UDC's plans was a garment merchandise mart on Eighth Avenue between 40th and 42nd Streets, opposite Port Authority Bus Terminal. The project was to be completed by the Times Square Redevelopment Corporation, comprising members of the New York state and city governments. David Morse and Richard Reinis were selected in April 1982 to develop the mart, Subsequently, the state and city disputed over the replacement development team, leading the city to withdraw from the partnership in August 1983. The state and city reached a compromise on the development team that October, wherein the mart would be developed by
Tishman Speyer, operated by
Trammell Crow, and funded by
Equitable Life Assurance.
Kohn Pedersen Fox designed a 20-story structure with for apparel and computer showrooms. The building would have a limestone and granite facade, a wide arch with a clock spanning 41st Street, arched entrances on Eighth Avenue, and a set of pavilions with ten pyramids on the roof. Kennedy Enterprises was selected to operate a smaller mart in 1987.
Chemical Bank had considered occupying office space at the mart before withdrawing in 1989. The mart plan was never completed because of a weakened market.
Development By mid-1999, state and city officials were planning a
request for proposals for the southern half of the merchandise mart site. The
Times parent company,
the New York Times Company, proposed a headquarters tower, citing its need to enlarge its operations. In October 1999, the
Times reported that its parent company was negotiating for the site. Though the site was highly visible due to the low stature of the Port Authority Bus Terminal to the west, it was also at the extreme corner of both the traditional Times Square area to the north and the
Garment District to the south. Nevertheless, as architect
Robert A. M. Stern wrote, the New York Times Company likely perceived the site's fringe location as a beneficial attribute. The new site was not commonly considered to be part of Times Square, leading
Paul Goldberger of
The New Yorker to say that the plan "has implications that go beyond the sentimental".
Selection of developer and architect The
Times selected
Forest City Ratner Companies as the developer for its Eighth Avenue tower in February 2000. The following month, the
Times began negotiating with the city and state. The
Times wanted to pay $75 million and a two-thirds deduction in real estate taxes, but the state wanted $125 million for the site and the city wanted the
Times to pay full taxes. The parties signed a nonbinding agreement in June 2000, wherein the
Times agreed to pay $100 million. The
Times was to occupy half of the planned tower, a single unit covering the second through 28th floors. The remainder of the space would be operated by Forest City and leased to office tenants. At the time, other media headquarters were being developed nearby, such as the
Hearst Tower on
57th Street and the
Condé Nast Building at
4 Times Square. Robert A. M. Stern, his colleague Paul Whalen, and Naresh Kapadia of the 42nd Street Development Project created a set of design guidelines in advance of an
architectural design competition for the building. They also created a model conforming to ideals set by the chairman of the
New York City Planning Commission. The design guidelines were printed in a 48-page program with a statement by
Times architecture critic
Herbert Muschamp. In September 2000, four architects submitted bids for the new tower's design: Renzo Piano,
Norman Foster,
César Pelli, and the partnership of
Frank Gehry and
David Childs. Piano called for a rectangular tower rising from a large podium; Foster proposed a right triangle tapering toward the top; Pelli outlined a glass tower with several
chamfers; and the Gehry/Childs partnership planned a structure with billowing sheets of glass on the facade. Ultimately, the
Times selected Piano's proposal in October 2000, and it selected Gensler as the interior architect in February 2001. The
Times and Forest City Ratner negotiated terms of the project, in which the
Times would receive $26.1 million in tax breaks. The company would lease the site from the state for $85.6 million over 99 years, considerably below market value. Its
payment in lieu of taxes was equivalent to the site's full property tax assessments. In September 2001, the ESDC scheduled a public hearing for the project. Following the
September 11 attacks, which occurred in the meantime, the
Times reaffirmed its commitment to a new headquarters. That December, the ESDC was authorized to condemn the properties on the site. If the acquisition cost exceeded $85.6 million, the additional cost would be covered by
taxpayer funds. By law, the ESDC first had to offer to buy the land from the owners, using the condemnation process only as a last resort.
Paul Goldberger wrote that the building, the largest New York City development proposed since the September 11 attacks, "would have drawn plenty of attention even if it had been just another corporate box". Barnett was joined by five other owners who wanted to build their own structure on the land. During the lawsuit,
The Village Voice reported that taxpayer funds would need to cover an additional $79 million of the
Times site's cost. A New York state judge ruled against Barnett and his co-plaintiffs in August 2002. Over the following year, the state evicted some 55 businesses on the site. The
Supreme Court of the United States declined to hear a challenge brought by the landowners in February 2003. That September, the state had assembled the site and the developers started razing existing buildings. Forest City and
ING Real Estate held a 42 percent leasehold stake while the New York Times Company owned the remaining 58 percent.
Funding In mid-2003, Forest City announced it would request $400 million in tax-free Liberty bonds, allocated for September 11 recovery efforts, to finance the building's construction. Forest City claimed it could not finance its portion of the tower. This request, along with a similar one for the
Bank of America Tower three blocks northeast, received public criticism. By October 2003, the construction of the headquarters had been delayed by a year. Forest City had not been able to secure an anchor tenant for its portion of the building, and the Liberty-bond negotiations between Forest City and the state and city governments had stalled. ESDC head
Charles A. Gargano reportedly held an unfavorable view of Forest City's application for bonds. If financing could not be obtained before construction started in 2004, the project would have to be canceled. GMAC provided $320 million in construction funding for the project in July 2004.
Times officials predicted that work would start in the middle of that year. That November, the
Times sold its old 229 West 43rd Street building to
Tishman Speyer for $175 million, though the paper planned to remain at that building for the time being. This prompted criticism from some of the site's former landowners, and
The Village Voice said the proceeds from the sale "wiped out the need for much, if not all, of the taxpayer money the
Times asked for". Forest City's executive vice president MaryAnne Gilmartin said the development would conclude a revitalization of the western extremities of Midtown Manhattan. The first steel was erected starting in April 2005, The steelwork had reached a height of 400 feet by October 2005. By then, ten of the eleven former landowners were requesting that the city and state governments give them additional compensation, as they alleged their land had been seized at well below market value. The eleventh landowner had been satisfied with a settlement. A groundbreaking ceremony took place in late 2005. Real-estate industry executives also expressed uncertainty that architectural renderings of the ceramic curtain wall, and the site's location near the Port Authority Bus Terminal, would be a drawback for tenants. During construction, in March 2006, a rod fell from the tower and dented the roof of a passing car, slightly injuring its occupants. The steel superstructure was
topped out during July 2006. while law firm
Osler, Hoskin & Harcourt signed for the 36th and 37th stories. Investment firm
Legg Mason signed a lease in August 2006 for the 45th to 50th stories, committing to develop the roof garden and a conference center on the 52nd story. Simultaneously, Forest City also announced its intention to buy ING's stake in the ground-story retail and upper-story office space.
Goodwin Procter leased the 23rd through 27th, 29th, and 30th stories in March 2007. The 38th floor was taken that April by Korean architecture firm
Samoo Architects & Engineers and developer JP Properties, The following month, on June 11, the
Times shifted its publishing operations from 43rd Street to its new Eighth Avenue headquarters.
Times reporter
David W. Dunlap wrote that Piano had described the new building as having "lightness, transparency and immateriality", which intentionally did not fit the traditional image of the "old-fashioned newspaper". The Japanese company
Muji opened a store at the base during May 2008. The four other retail spaces were leased by grocery store
Dean & DeLuca, Japanese restaurant Inakaya, and a roadside-themed cafe. Piano supported the modifications, By January 2009, the
Times was negotiating to sell the nineteen stories that it occupied, the 2nd through 21st stories, to
W. P. Carey for $225 million. In exchange, the
Times would lease back its floors for $24 million a year for 10 years. The leaseback was finalized in March 2009.
2010s to present Part of the 44th story was sublet in 2010 to Kepos Capital, which occupied the space for eight years. By late 2013, the
Times wished to lease out the 21st story, the only part of the building that it still owned. Technology company Bounce Exchange leased the 21st story in early 2015 from the
Times, which had previously housed its sales and marketing department there
. In December 2016, the
Times announced it was subletting at least eight floors, totaling , to save the costs of occupying that space. Gensler was hired to reorganize the space, including removing some corner offices that belonged to high-ranking executives such as the CEO and the publisher. Over half of the sublet space, covering , was sublet a little more than a year later to financial firm
Liquidnet. During late 2018, British outsourcing firm Williams Lea Tag signed a 10-year lease for of space on the 10th story. Covington & Burling also expanded to the 44th story that year. The
Times announced in February 2018 that it would repurchase the building's leasehold from W. P. Carey. Brookfield Properties, which had acquired Forest City Ratner, refinanced the building's first floor and the 28th- through 50th-story condominiums in late 2018 for $635 million. The loan was provided by
Deutsche Bank,
Bank of America,
Barclays Capital, and
Citi; it consisted of a $515 million
commercial mortgage-backed security and a $120 million junior note. Some $115 million in
mezzanine debt was also provided. In February 2025, the
credit rating of Brookfield's office space was downgraded after several major tenants moved out. Brookfield had taken out mortgage loans totaling $900 million, which needed to be repaid by that December, and there was not enough rental income to pay off the loans. == Critical reception ==