NYT Co. to revamp HQ, vacate eight floors in consolidation

|By:, SA News Editor

In an SEC filing, New York Times Co. (NYT +0.6%) discloses a staff communication it provided today to employees about a revamp of its headquarters -- including consolidating floors.

The company moved into the new building in 2007, but has determined that its configuration makes the company "slower and less collaborative."

"It is also, frankly, too expensive to occupy this many floors when we don’t truly need them," write "Arthur and Mark" (Chairman Arthur Sulzberger and President/CEO Mark Thompson).

The company will vacate at least eight floors, consolidating workspaces and allowing for "significant" rental income, the memo says. It also means doing away with big corner offices, "vestiges from a different era."

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