The New York Times Co plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits, the New York Times reported on its website Monday.

The company has retained Cushman & Wakefield, the real estate firm, to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback arrangement, the paper said, quoting chief financial officer James Follo. The Times is looking for ways to save money so it can pay off more than $1 billion in debt. The company, which also owns The Boston Globe and other papers around the United States, is also grappling with a severe decline in advertising revenue.