Gannett Co. Inc. is planning to sell its property in Hawaii next to the Honolulu Advertiser's headquarters, Editor & Publisher reported Thursday.

Since the Advertiser's printing operations were moved to a US$82 million plant in Kapolei, a nearby town, Gannett has used the property for parking. Newspapers around the world are feeling an even tighter squeeze by the global financial crisis, and are looking to save money in every area possible.

As plans to develop the site did not work out, CB Richard Ellis is planning to put the nearly 3-acre plot on the market without an asking price. The Advertiser will retain some parking, but a distribution operation will be moved, E&P reported.

Due to the real-estate markets downturn, there is difficulty in coming up with a value for the piece of land, according to Advertiser staff writer Andrew Gomes. However, “based on prior sales in the area, the land conservatively could raise more than $20 million,” Gomes wrote, according to E&P.