The 18-story, 470,000-sf, multi-tiered Beaux Arts structure nowhouses the Philadelphia Daily News and 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, 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 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.

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