A limited partnership led by Tishman Speyer Properties has purchased the New York Times’ office building at 229 West 43rd Street for $175 million. Partners Tishman Speyer, the New York City Employees’ Retirement System and the Teachers’ Retirement System will own the property.

The New York Times will remain in the building until 2007, when its new building will be ready for occupancy. Once the Times has moved, Tishman Speyer will renovate the building into a Class-A office property. The building’s lobby will be overhauled, and the loading docks will become retail space.

"The Times building represents an extraordinary opportunity to create a unique office environment, one that recognizes the great historic significance and inherent value of the property with its unrivalled location and majestic façade," says Robert Speyer, senior managing director at Tishman Speyer. The transaction is expected to close within the next few weeks.