By: E&P Staff The owners of the Philadelphia Inquirer and Daily News are putting its headquarter building up for sale. The 1920s land-marked building on Broad Street and its parking lot in downtown Philadelphia is valued at $16.7 million, though it could fetch much more.
The Philadelphia Inquirer's Bob Fernandez reports that Brian Tierney, CEO of Philadelphia Media Holdings that publishes the two papers, plans to relocate some 950 employees to an "iconic address."
Tierney said they could relocate to a new building constructed on the land that now serves as a parking lot. Tierney told Fernandez that signing a lease on as a tenant of the new building could help sell the deal.
Tierney and his partners bought the Inquirer and Daily News from McClatchy for $515 million in 2006. They put the building on the block to raise cash to pay down the more than $300 million borrowed to finance the deal.
Philadelphia Media Holdings and it broker declined to say how much they are seeking for the property.
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