JRT Realty Group, the largest certified woman-owned commercial real estate services firm in the United States, has announced that The New York Times Company has signed a lease for three full floors at Court Square Place in Long Island City, encompassing 57,846 RSF.
The Times, which has been expanding its workforce in recent years, plans to relocate 350 employees from its headquarters building at 620 Eighth Ave. in Manhattan.
The New York Times Company’s lease will occupy the entire 9th, 10th, and 11th floors at Court Square Place for a 15-year term. The space was previously occupied by the UN. The asking rent was $50 per square foot. This deal brings Court Square Place to 100 percent occupancy.
Robert Mitchell of Byrnam Wood represented The New York Times Company in the transaction. Ownership was represented by Greg Smith and Lauren Calandriello of JRT Realty Group.
JRT has managed the leasing and marketing of Court Square Place since the building was first constructed over a decade ago. The property is owned by the United Nations Federal Credit Union (UNFCU).
“The strength of the Long Island City office market remains stellar, and The New York Times’ arrival is a prime example the area’s broadening appeal to diverse companies. Court Square Place has been at the forefront of Long Island City’s growth, and attracting a global brand of The New York Times’ stature continues that trend,” said Greg Smith, President of JRT Realty Group.
Located at 24-01 44th Road, Court Square Place, a Leadership in Energy and Environmental Design (LEED) Gold Certified Existing Building is situated in the heart of Long Island City’s flourishing business district. Easily accessible to Manhattan and Brooklyn, the area has attracted award-winning restaurants, galleries, and retail shopping to serve thousands of residents, workers, and visitors. Court Square Place is directly adjacent to the Court Square and Queensboro Plaza stations, providing access to the 7/G/E/M/N/W/R subways.
“We are honored to welcome The New York Times Company to Court Square Place and proud at the continued success at the property,” said Michael LaFrance, AVP Facilities and Real Estate of UNFCU. “The arrival of one of the world’s most influential news organizations and media brands demonstrates the tremendous upside of investment in Long Island City. This transaction is certainly a sign of the times.”