By: E&P Staff The Poughkeepsie (N.Y.) Journal sold its landmark City of Poughkeepsie building, and will stay on as a tenant, the newspaper announced.
The Journal sold the building to Page Park Associates, a LaGrange, N.Y., real estate developer.
City of Poughkeepsie listed for $5.25 million, but the final sale price cannot be disclosed until the transaction closed, said Steve Salomone, the broker for Gannett Co., publisher of the Journal.
Sale-Leasebacks are increasingly common among newspapers as they look to raise cash and have smaller space needs for downsized staff. In recent months, newspapers as varied as The New York Times and Bellingham (Wash.) Herald have announced sale-leasebacks for their headquarters.
In Poughkeepsie, the Journal has not needed as much space since the paper in January outsourced printing to a sibling paper in White Plains.
With the sale the Journal can "concentrate on our core mission as the community's premier news and advertising information provider," Publisher Barry Rothfeld said in an article Tuesday in the Journal by Sarah Bradshaw.
The contract with Journal parent Gannett has a five-year initial lease with two five-year renewal options.
The Journal will occupy more than half of the second floor and the third floor, and maintain customer service offices off the lobby, the newspaper said.
The landmark building was completed in 1942, and placed on the National Register of Historic Places in 1982. In the lobby is a mural depicting the history of the printed word wit figures including Benjamin Franklin, Joseph Pulitzer, Mark Twain and Franklin Roosevelt.
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