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All the Space That's Fit to Sell

Posted Aug 29, 07 3:42 PM CDT in Business,  Arts & Living,  US 

(Newser) – Newspapers, in an effort to bring in cash and stave off extinction, are selling iconic properties in downtown districts, the Journal reports. The latest example is the Philadelphia Inquirer, whose new owner hopes to net $70 million for its Beaux-Arts tower; the Boston Herald and Minneapolis Star Tribune are also among the outfits looking to profit from their real-estate holdings.

"These are buildings that were designed to be visible and vibrant," says one expert of 20th-century newspaper headquarters. "Their style reflects their mission: to inform the citizenry about the issues of the day." Evolution of that mission is reflected in the move of the NY Times from Times Square to a home better suited to a 21st-century multimedia operation.

Source Wall Street Journal

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The Philadelphia Inquirer and Daily News building in Philadelphia is shown Jan. 2, 2007. Philadelphia Media Holdings LLC, the owner of Philadelphia's two largest newspapers, said Tuesday, Aug. 21, it...   (Associated Press)
The Chicago Tribune building, right, graces the skyline along with the Wrigley building as two of Chicago's most famous examples of architecture, Tuesday, Aug. 21, 2007, in Chicago. Tribune Co. shareholders...   (Associated Press)
The Chicago Tribune building, center, graces the skyline along with the Wrigley building, foreground, as two of Chicago's most famous examples of architecture, Tuesday, Aug. 21, 2007. Tribune Co. shareholders...   (Associated Press)
Chicago Trib Building   ((c) anyoungkevin)
Architectural Tour   ((c) stephen.butler)
Flags wave along the Michigan Ave. Bridge outside the Chicago Tribune Tower in a Chicago file photo from April 12, 2006. Sam Zell was viewed as a savior in some quarters last spring when he swooped in...   (Associated Press)
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newspaper  • real estate  • New York Times  • news  • Sam Zell  • New York Daily News  • Philadelphia Inquirer  • Boston Herald  • Philadelphia Daily News


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