Gannett plans to sell property next to The Honolulu Advertiser's Kaka'ako news building, in a renewed bid to cash in on real estate that's been mostly unused since printing moved to Kapolei four years ago. "Based on prior sales in the area," the paper says in a story, "the land conservatively could raise more than $20 million during a challenging financial time for the newspaper industry in which the Advertiser recently laid off 81 employees and is pursuing more cutbacks through voluntary job reductions."
Saturday, November 08, 2008
Honolulu: Land sale could net $20 million
Gannett plans to sell property next to The Honolulu Advertiser's Kaka'ako news building, in a renewed bid to cash in on real estate that's been mostly unused since printing moved to Kapolei four years ago. "Based on prior sales in the area," the paper says in a story, "the land conservatively could raise more than $20 million during a challenging financial time for the newspaper industry in which the Advertiser recently laid off 81 employees and is pursuing more cutbacks through voluntary job reductions."
6 comments:
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Gosh, 20 mil would pay Craig Dubow for 2 and a half years. Good move, Gannett.
ReplyDeleteSo what is the point here? Don't sell and not stay afloat or sell and keep the 81 people until the money runs out and then get rid of them. This is a business. They have an asset. As a shareholder, I'd sell that land and anything else I could to keep the company afloat.
ReplyDeleteI gotta say that Gannett's sale of the land next to USA Today a couple of years back looks like genius in hindsight. The developers are just about finished putting up an office building there that will remain unoccupied until God-knows-when. There's a 'for lease' sign out front. Gannett sold that property at the height of market fever, and I wonder how much less it's worth today.
ReplyDeleteWell, I agree. GCI management finally did something right.
ReplyDeleteThis deal has been in the planning stages for almost three years so no big revelation and no new brain child. Everything takes longer in Hawaii. Just the facts.
ReplyDeleteI was at Corporate three weeks ago and the land that was purchased from Gannett is still not being developed.
ReplyDeleteGannett made a great deal, getting a bundle for something and cashing the check before the crash, and now it doesn't have the land but the new owners can't build on it.
Great job, management!