The Indianapolis Star is close to finalizing the sale of its downtown property to a local developer planning a mixed-use development with up to 500 apartments.
The Whitsett Group yesterday confirmed the discussions with Gannett, the paper says. The Star is looking for a new downtown location that better suits digital needs as it joins a long list of other Gannett properties that also are downsizing.
The Star would be permitted to continue occupying its current location through mid-2014. About 650 employees of the Star and Gannett work at the location.
The site has been the newspaper’s headquarters for more than 100 years. The Star moved there in 1907, four years after it began publishing.
The daily announced in July that the company was putting the property up for sale and looking to lease new office space. A new location hasn't been announced, however.
The 's weekday circulation is 156,850, and Sunday is 286,115, according to the March 31 AAM report. (Circulation lookup database.)
The Whitsett Group yesterday confirmed the discussions with Gannett, the paper says. The Star is looking for a new downtown location that better suits digital needs as it joins a long list of other Gannett properties that also are downsizing.
The Star would be permitted to continue occupying its current location through mid-2014. About 650 employees of the Star and Gannett work at the location.
The site has been the newspaper’s headquarters for more than 100 years. The Star moved there in 1907, four years after it began publishing.
The daily announced in July that the company was putting the property up for sale and looking to lease new office space. A new location hasn't been announced, however.
The 's weekday circulation is 156,850, and Sunday is 286,115, according to the March 31 AAM report. (Circulation lookup database.)
Dinosaur thinking. And I'm old enough to be derided as a dinosaur by some of the young and arrogant segment who frequent Jim Hopkins' blog/forum. "...a new downtown location that better suits digital needs?" With the Internet, physical location is immaterial - after all, it's contributed to thousands of layoffs - yet I constantly see that phrase as absolute rationale for pretty much doing anything when it's obvious that's not the whole story. And I won't hold my breath waiting for it, at least from official Gannett sources.
ReplyDeleteIt sounds better than saying: We employ half as many people as we did only five years ago, so it's best to now sell our valuable downtown real estate and lease a smaller place in a strip mall.
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DeleteLooks like Gannett is in a serious reduction mode. The Sheboygan Press is also seeing their building sold as the actual working space is actually only a sixth of the building's square footage (which contains a gutted pressroom not being used for anything). http://www.sheboyganpress.com/article/20130509/SHE0101/305090428/Sheboygan-Press-Media-building-sale
ReplyDeleteI haven't seen a single person complain about leaving these ancient buildings behind in favor of new digs. Did you ever visit that Westchester building? The new digs are 1000 times better.
DeleteLooks like smart use of resources/assets.
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