NEW YORK CITY—The New York Times Company has signed a 15-year lease with LiquidNet to rent 126,427 square feet of office space at the print and digital newspaper’s offices, located at 620 Eighth Ave. Asking rents in the building are $78 per square foot.
LiquidNet is expected to move its headquarters from its current location at 498 Seventh Ave. in the fourth quarter of 2018. This building was constructed in 1921 and renovated in 1998.
The headquarters of The New York Times was built in 2007, designed by Renzo Piano Building Workshop and FXFOWLE Architects, while Gensler handled the interior design. It has floor-to-ceiling glass, a flexible underfloor HVAC system and numerous environmentally sustainable features for increased energy efficiency.
LiquidNet is a global electronic trading network which provides connections between asset managers and liquid capital in private exchanges and forums for trading securities. Its current location is at Seventh Avenue, between West 37th and West 38th streets. It will be moving northwest to Eighth Avenue, between W. 40th and W. 41st streets.
As The New York Times Company continues to develop its digital platform, it is modifying its workplace use of space. This enabled it to create the space to rent to LiquidNet.
Newmark Knight Frank’s executive managing director, Andrew Sachs, and senior managing directors, Bill Levitsky and Ben Shapiro, represented The New York Times Company. JLL’s vice chairman, Michael Konsker, and managing director, David Dusek, represented LiquidNet.
“LiquidNet’s commitment to The New York Times Building continues the trend of companies migrating to new construction with amenities and superior transportation on the West Side and bodes well for the remaining 60,000 square feet of available office space on the entire 10th and 11th floors,” says Sachs.
Although the footprint of the spaces are approximately the same, Dusek says LiquidNet is “rightsizing in much more efficient space” and has planned growth for additional hires.