Boston Globe explores sale of its building

The Boston Globe says hiring a broker to explore the sale of the paper’s headquarters is only the first step in a years-long process.
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“Wherever our next home is, it will be reflective our culture of excellence and the direction our business is headed over the next few decades, Globe chief executive Michael Sheehan writes in a memo to staff.

“It is highly likely that we will find a suitable buyer and will eventually move from our current home. But don’t start packing boxes quite yet.”

Value of the Globe property has been estimated at $50 million to $70 million.

The memo to Globe staff:

Subject: Globe retains firm to explore potential sale of building
Date: April 22, 2014 at 3:50:04 PM EDT

To all Boston Globe employees,

There’s been much speculation about the sale of our property on Morrissey Boulevard, and we’d like to inform you of some recent decisions relative to that potential decision. Tomorrow, we will announce that we have hired Colliers International to represent us in exploring the feasibility of such a transaction and to help us identify possible buyers./CONTINUES

This is the first step in a very long process, and it understandably leads to meaningful questions that are entirely legitimate, but at this time unanswerable. Until Colliers finishes this process, we have no idea of the true value of the property, and any move would be based upon that knowledge. That said, it is highly likely that we will find a suitable buyer and will eventually move from our current home.

But don’t start packing boxes quite yet. Any move, if it happens, would be years away, not months. That leads to another legitimate question: where would we go? The honest answer: we don’t know.

On a parallel track, we will begin exploring all our options, which are many. Rest assured, wherever our next home is, it will reflect our culture of excellence and the direction our business is headed over the next few decades.

Thanks,
Mike Sheehan

Boston Globe hires broker to sell headquarters (bostonglobe.com)

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