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TIERNEY Considering Selling Off Inquirer Building & Everyone Work From Home — In Their Pajamas

inky.jpgPHILADELPHIA The owner of Philadelphia’s two largest newspapers said Tuesday it is considering selling the historic building that serves as the publications’ headquarters, a landmark that has graced the downtown skyline for 82 years.

Jay Devine, a spokesman for Philadelphia Media Holdings, said the company had interviewed several real estate firms about a potential sale of the building that houses The Philadelphia Inquirer and Philadelphia Daily News.

The company, which has cut more than 100 editorial and advertising jobs since Jan. 1, is in the appraisal and planning stage for a possible sale of the Beaux Arts structure.

“They’re just exploring the option,” Devine said. “It’s been discussed as a financial possibility.”

One option is to sell the building and lease back space from the buyer, he said, adding there are no plans to move headquarters out of downtown Philadelphia. It’s unclear whether a sale would also include the land.

The 18-story building was completed in 1925 and cost $10 million to construct. Topped by a four-story clock tower and bronze dome, the Inquirer-Daily News building was designed by Rankin, Kellogg and Crane Architects.

The idea to sell the building came up last July in a memo to employees from former publisher Joe Natoli, Devine said.

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[Photo by MooCat]

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