PHILADELPHIA-Philadelphia Media Holdings LLC has retained the local office of Jones Lang LaSalle to market the Inquirer Building. Originally called the Elverson Building after the then-publisher of the Philadelphia Inquirer, it was completed in 1925.

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

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

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