The Boston Globe has hired commercial real estate firm Colliers International to identify potential buyers for the newspaper’s Morrissey Boulevard headquarters. CEO Mike Sheehan has stated that selling the 16.5 acre site in the Dorchester section of the city will be “a very long process.”
Mr. Sheehan stated that until Colliers finishes the process, the Globe does not have an idea of the true value of the property and that any move “would be based upon that knowledge.” He went on to say that it was highly likely that a suitable buyer would be found and that eventually the paper would find an alternative place away from its current home.
The Boston Globe was launched by six area businessmen in 1872. Led by Eben Jordan, who founded the retailer Jordan Marsh, which is now known as Macy’s, the investors jointly put up $150,000 to get the venture started. The first edition was published on March 4th of that year and cost four cents.
It remained a private company until 1973. At that time, it became a subsidiary of Affiliated Publications. Over the next 20 years, Affiliated Publications expanded its corporate interests to include a number of holdings, including magazines, television and radio stations, a daily and weekly newspaper and cellular phones. In October 1993, Affiliated was bought by The New York Times Company.
In October 2013, the New York Times Company sold the New England Media Group to Boston Red Sox and Liverpool FC owner John W. Henry for $70 million.
In January of this year, Henry “sold” the property for a nominal amount (less than $100) and put it under Boston Globe Properties LLC, a separate company, according to Registry of Deeds documents. The city of Boston has assessed the property at $40.3 million in total: $21.4 million for the land and $18.8 million for the building, which measures 815,000 square feet.
Property agents have valued the asset at somewhere between $21 and $75 million. Given the size of the property, it could be used for a hotel, commercial development or apartments. It’s a full 16 acres in Boston in an area with good access to transportation, according to Joseph Palermino, managing partner of Cabot and Co., a Boston real estate firm.
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