ITB Insider: News & Observer To Sell Downtown Building By Year’s End
“Nearly three years after announcing plans to sell its downtown offices, the News & Observer has reportedly found a buyer with plans to close on the property by the end of the year. Although the three-acre site has been home to the News & Observer for nearly 110 years, the paper did not move its editorial offices into the three-story brick building on South McDowell Street until the late 1950s.
In November 2015, the News & Observer had reached a deal to sell the property for $20 million to the cleverly-titled LLC Above The Fold. Plot twist, the deal fell through. The sale of this historic property was reportedly announced during an earnings call last week, although the buyer was not named. We can confirm that it was not ITB Insider™.
The existing office building will almost certainly be torn down or drastically re-altered — back when they first announced plans to sell, the N&O’s publisher described it as “an old and inefficient space” — although what will be built in its stead remains to be seen.”
Read this week's full Development Beat here...