The Old Gray Lady is setting up shop in Long Island City.
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, located at 24-01 44th Rd. 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 ninth, 10th and 11th floors at Court Square Place for a 15-year term. The deal brings the sleek office building 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.
“The strength of the Long Island City office market remains stellar, and The New York Times’ arrival is a prime example of the area’s broadening appeal to diverse companies,” JRT Realty Group President Greg Smith said. “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.”
JRT has managed the leasing and marketing of Court Square Place, which was first constructed more than a decade ago. The property is owned by the United Nations Federal Credit Union.
“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 demonstrated the tremendous upside of investment in Long Island City. This transaction is certainly a sign of the times.”