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The New York Times moved into 21 floors of the Renzo Piano designed building in 2007, but it was forced to sell its space as plummeting ad revenues coincided with the credit crunch to seriously impair the company's financial performance.

The offices were bought by New York-based real estate investment bank WP Carey & Co, which was "able to clearly understand our company, our facility and our objectives," Janet L Robinson, president and chief executive of the Times Company said in a statement. "Its history and outstanding reputation in the sale-leaseback industry gave us the confidence that it would be the right firm with which to do this transaction."

"We are proud to work with such a world-class media company and to purchase such a world-class asset," said Gordon F DuGan, the real estate company's president and chief executive. "Today's economic environment presents incredible challenges and opportunities, and we look forward to adhering diligently to the defensive, risk management-driven investment strategy that has provided historically solid performance."

Under the agreement, The New York Times Company can lease the building for 15 years and has an option to repurchase it for 250 million dollars in 2017.//DPA