Tegna, as the former Gannett broadcasting division is known, has signed a contract to sell its McLean, Virginia headquarters to private investment group Tamares for $270 million. The deal is expected to close late in the third quarter or early in the fourth quarter. Tegna will continue to occupy a portion of the building for 18 months, and plans to stay in the Washington area thereafter.
“This agreement is a continuation of our goal to optimize our real estate portfolio across the company and allows us to transition to better use of space for our corporate headquarters,” said Gracia Martore, president and CEO. “Tegna remains committed to staying in the Washington, D.C. area and a process is underway to find the most appropriate space to meet our company needs.”
Tegna’s building occupies nearly 800,000 square feet and was originally situated on a 25-acre site, while eight acres were sold in 2007. “This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, D.C.,” said Poju Zabludowicz, chairman of Tamares.
The deal was brokered by the CBRE Group.
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.