February 23, 2008

Inquirer Building: SOLD!

Drag. I just got home, and I still thought I'd be the first to report this. Alas, the Inquirer beat me to it, as they should have. The Inquirer Building has been sold!

Patriot Equities LP of Wayne -- whoever that is -- is going to buy the building and turn it into a rocket to the sun. Something like that. Congratulations, Inquirer! Hopefully this will let everybody currently there keep their jobs.

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August 21, 2007

'Inquirer' To Sell Coolest Part Of 'Inquirer'

It's been rumored for a while, Brian Tierney commented on it it and now it's official: The Inquirer building is for sale.

The new-ish owners of the paper, the Daily News and related properties, Philadelphia Media Holdings, have partnered with Philly architecture/interior design firm H2L2 to redevelop the building as condos, offices, retail, a hotel, whatever. Tierney says he isn't sure where the offices of the Inquirer and Daily News will relocate to, but could move to a newly-constructed building behind the Inquirer Building, which is currently a parking lot.

Tierney also said he had planned to sell the building from the beginning in order to raise the $300 mil borrowed to buy the paper. Jones Lang LaSalle, the broker for any deal, says if the paper doesn't get an asking price it wants, it won't sell the building. I don't know about you guys, but I am pumped to eat in a new Roy Rogers on the first floor of 400 N. Broad.

Inquirer Building to be offered for sale [Inquirer]
[Photo by Bradley Maule, Phillyskyline]

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May 18, 2007

This Is Sure To Improve Morale Among Inquirer, Daily News Employees

From a memo sent to all Inquirer building employees today:

Effective immediately, Philadelphia Newspapers LLC will be enforcing the new no-smoking ban adopted by the City of Philadelphia, which requires no smoking for up to 20 feet of a workplace entrance. Violators of this no-smoking ban are subject to fines by the City of Philadelphia ranging from $25.00-$300.00.

As a result of the aforementioned, all employees are asked to utilize the following designated smoking areas:

• Broad Street breezeway located north of the main entrance, between 400 and 440 on Broad Street.


• Track –6 loading dock located beneath the building.


• 15th Street loading dock.

Thank you for your cooperation.

Oh, I don't know, Tierney. You don't mess with Stu Bykofsky. You're lucky he's probably still on a high from seeing Babar or whoever leave the Philadelphia Zoo.

[Original photo by Brad Maule, Phillyskyline]

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January 10, 2007

'Inquirer' Building To Get Even Whiter?

Have I got a new condo for you. It's big, white (and sometimes green) and it's located at Broad and Callowhill, the greatest intersection in the city. Yep, that's it: The Inquirer Building might be for sale.

The Inky Building was completed in 1925. It was actually the union who suggested the paper sell the building originally -- although clearly it was already in management's plans. Byko & Co. thought it'd be a good way to lay off fewer people, but the company said it had already earmarked building sale funds for other uses.

The Associated Press reports the company is doing a review of all its real estate holdings, and while Brian Tierney says there's a "very small chance" the building would be sold... damn! Could you imagine the money suburbanites would pay to live in that kick-ass building? A one bedroom would be like half a mil. Think how many Phillycars.com ad spots that could buy!

Inquirer Owner Reviewing Real Estate Holdings [AP/6 ABC]
Jan. 2: Phillycars.com Ignites City With New Anthem
Photo by Brad Maule of Phillyskyline.

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July 26, 2006

Would The Inquirer Building Go Condo?

Steve Volk reports on philadelphiaweekly.com about the a recent Joe Natoli memo which featured, Q&A-style, this exchange:

Q: I heard something about our downtown building being for sale. Is that true?

A: No, but that’s under review. Our building is under-utilized. Options include leasing open space to others, selling the building in a sale/lease-back (which would generate cash to pay down debt, without requiring a move), or selling the building and leasing space in another facility. The issue is how best to realize the value of our real estate. That’s made more interesting by the school board’s recent move to North Broad Street, CBS’s plans to become our neighbor and the Governor’s proposed sale of the state office building just north of us. A decision on the building is probably months away. Having said that, we would always expect to maintain a significant presence in Philadelphia.

Natoli tells Volk that the Inquirer isn't moving to the suburbs, even if that's what one could infer from this memo. You can read the whole story and memo here.

Inquirer/Daily News Considering Move to the ’Burbs? [PW]

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