The 18-story, 470,000-sf, multi-tiered Beaux Arts structure nowhouses the Philadelphia Daily News and Philly.com in addition tothe Inquirer. It is located on 4.2 acres at 400 N. Broad St., andthe asset includes a parking area at 15th and Callowhillstreets.

PMH, a private investment group headed by Brian Tierney, aformer area ad executive, and Bruce Toll, a co-founder ofHorsham-based Toll Brothers Inc., acquired the newspapers andassociated assets, including the real estate, in May 2006 for $515million. At that time, Tierney envisioned monetizing the realestate, William Luff, managing director and EVP of JLL, tellsGlobeSt.com. An offering memorandum will be distributed nationwideafter Labor Day, he says.

There is no asking price. According to published reports, it isassessed at $16.7 million. On condition of anonymity, principals oftwo local brokerage firms tell GlobeSt.com that it will sell wellabove that, although the ultimate price could vary significantly,depending on a buyer's intended use. One suggests a broad range ofbetween $25 million and $40 million, adding, "that's a guesstimate.These are uncertain times, and this doesn't fit a traditionalpricing model. With expansion of the convention center, I wouldthink a hotel developer would be the best bet," he speculates. Theother declined to suggest a price.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.