The New York Times building owned by Tishman Speyer Properties was sold to the Israeli business tycoon Lev Leviev for 525 million U.S. dollars on Monday, local media reported.

The building in midtown Manhattan has been home to the New York Times Co. since it was built in 1913.

Leviev's company Africa Israel Investments Ltd. will spend 170 million dollars to renovate the building before leasing its office space.

Africa Israel Investments Ltd. said that the deal fit in with the company's business strategy of large-scale investments in international projects.

Times employees will move to their new headquarters on 8th Avenue between the 40th and 41st Streets this July.

Source: Xinhuast quarter of 2007.

Source: Xinhua