By: E&P Staff
The Tribune Co. has sold the real estate of its two former Connecticut papers, The Advocate in Stamford and the Greenwich Times for $30 million.
Kenneth Gosselin, a staff writer with the Hartford Courant, reported that Summit Development in Norwalk, Conn., bought the property.
In November, Tribune sold the two papers to Hearst for $62.4 million but held on to the real estate. The Advocate relocated its editorial and business operations in February. Employees of the Greenwich Times will soon move to a new location.
Jim Fagan, senior managing partner at realtor Cushman & Wakefield (which represented the Tribune), told Gosselin that while the properties could have fetched more, they were interested in closing quickly. “While we received offers, in whole or in part, that could have exceeded this transaction price, Tribune was drawn to Summit as they were able to negotiate and close on the properties in 21 days.”