Published Date : Nov 29, 2013
The Washington Post Co. that will be renamed as Graham Holdings Co. in the coming week, is set to sell the building that houses its headquarters in Washington in a $159 million deal to Carr Properties, a Washington-based real estate company. This move is being seen as a step towards divesting its non-core assets.
The sale of the famed building-at 1150 15th St. NW-will likely be completed by March 2014 and the sale agreement also covers the land adjacent to the building. This information was disclosed yesterday in a statement by the Washington Post Co.
In February 2013, the company had hinted that it had plans of selling its headquarters as it was looking to move base to a property that would allow for better, more efficient operations to be conducted. A number of newspapers in the U.S. have already made this move as they continue to evolve with the needs of a changing media.
In October 2013, Washington Post Co. successfully executed the sale of its eponymous newspaper to Amazon.com Inc chief executive Jeff Bezos.
In the meanwhile, other media companies in the U.S. have been seeking profits via their landed property holdings. For instance, the New York Times Co. in 2009 inked a $225 million deal to sell its Manhattan headquarters, where it had moved in 2007. It leased back offices in the building following the sale. The company had sold its earlier headquarters to Tishman Speyer Properties LP in a $175 million deal in 2004.