WAN-IFRA

Shaping the Future of the Newspaper

Date

Fri - 25.05.2012


AP: Who will buy newspaper buildings?

AP: Who will buy newspaper buildings?

Many newspaper companies are selling their buildings amid tough financial times, but as poor credit markets cause commercial real estate deals to become fewer, who will buy these landmark buildings?

At least six newspaper companies have announced intentions to sell their buildings this year, as commercial real estate values have taken nosedives, the Associated Press reported.

"It's pretty well known that (newspapers) are going through a tough time," Ross More, director at real estate services firm Colliers International, told the AP. This means buyers have leverage to hold out for big bargains, he said.

Another hurdle is that many buildings, such as the Chicago Tribune's Tribune Tower, are subject to historic preservation laws, which are good for the buildings, but could deter buyers, the AP reported.

"Everyone has a warm place in their heart for the building," James Peters, head of the Landmarks Preservation Council of Illinois, told the AP. "So anyone coming along to destroy it or change its character would face intense public scrutiny."

Historical landmark-protected Tribune Tower

Author

Leah McBride Mensching

Date

2008-12-24 04:37

Shaping the Future of the Newspaper


© 2012 WAN-IFRA - World Association of Newspapers and News Publishers

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