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All the Space That's Fit to Sell
Newspapers, fighting to stay alive, turn to their landmark buildings in efforts to raise cash
By Wesley Oliver
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Posted Aug 29, 07 3:42 PM CDT
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(Newser)
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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.