Washington Post Co. explores the sale of its downtown headquarters

Source: Washington Post

The Washington Post Co. executives are considering relocating the company from its 63-year-old headquarters in downtown Washington, exploring the sale of the building that saw the Post evolve into one of the country’s top newspapers.

Washington Post Publisher Katharine Weymouth made the announcement in an e-mail to staff Friday morning, saying the goal was “to give us a more modern, bright, open and efficient building that better supports and advances our mission into the future.”

Other major metropolitan media companies have recently sold their dated headquarters, reflecting changing times. While newspapers’ financial prospects have faded and their staffs slimmed, the prospects for their downtown real estate have improved. That’s particularly true in cities such as the District that have experienced a financial comeback and demographic influx led by young professionals.

The New York Times Co. moved into a new 52-story headquarters in Times Square in 2007, but sold and leased back the space it occupies there two years later to pay down debt. Last week the Detroit Media Partnership announced that it planned to sell the headquarters of the Free Press and Detroit News. Gannett has leased parts of its headquarters in Tysons Corner to at least five other companies.

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