Cushman & Wakefield Sonnenblick Goldman secures $119.8 million in financing on behalf of W.P. Carey at N.Y. Times Building

Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to W. P. Carey & Co. LLC and two of its publicly-held, non-traded REIT affiliates, CPA(r):16 - Global and CPA(r):17 - Global, has arranged a $119.8 million financing for The New York Times Co. corporate headquarters, consisting of certain leasehold condominium units aggregating approximately 751,500 rentable s/f in The New York Times Building, located at 620 Eighth Ave. The loan was provided by an offshore bank. Built between 2005 and 2007 by a joint venture between The New York Times and the Forest City Ratner Cos., the building marks the first major contribution to New York City's skyline by architect Renzo Piano. W. P. Carey and its affiliates completed a sale-leaseback transaction with The New York Times Co. in March 2009, arranged by Cushman & Wakefield. "Despite the fact that a large number of lenders remain on the sidelines, especially for loans over $50 million, we continue to see strong interest for loans on high quality properties that are owned by strong, experienced sponsors," noted Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman. The formation of Cushman & Wakefield Sonnenblick Goldman establishes the industry's leading independent real estate investment banking firm. The firm was originally founded as Sonnenblick Goldman in 1893 to serve the financing needs of the real estate industry. Today Cushman & Wakefield Sonnenblick Goldman provides a full range of financial services, including debt and equity placements, joint ventures, hospitality investment sales and advisory services in the United States and collaborates world-wide with its parent, Cushman & Wakefield.