The owner of The Philadelphia Inquirer and Philadelphia Daily News is selling the newspapers' iconic downtown headquarters at 400 North Broad Street to the man who is responsible for much of Northern Liberties's recent development
Philadelphia Media Network announced Thursday in a press release that it has agreed to sell the 18-story building to Bart Blatstein of Tower Investments for an undisclosed price.
Blatstein is often credited with the rebirth of Northern Liberties by his development of Piazza at Schmidt's, factory-style lofts and hang outs.
The building houses both newspapers and their shared website, philly.com. The Inquirer reports its parent company is exploring whether to remain as a tenant or look for new space in the region.
Philadelphia Media Network bought the newspapers for $139 million at a bankruptcy auction in September.
“As Philadelphia Media Network continues its successful digital transformation, the efficient utilization of our assets will be our highest priority in the development and distribution of all PMN products,” said Gregory J. Osberg, chief executive officer and publisher, according to the Inquirer.
The company has about 1,750 employees.
