The News & Record has signed an agreement to sell off its property located in downtown Greensboro. The company’s 6.5-acre property is located at 200E. Market St. and occupies the block between Davie and Church Streets and Market and Hughes streets. Unconfirmed reports have indicated that the newspaper intends to sell the property to one of the main players who intend to build the Westin Hotel across Davie Street from the building.
The News & Record announced that the parties agreed on the terms of the deal on May 4 and the deal is expected to be closed in the third quarter of 2019. The company did not however reveal the buyer of the property.
However, according to The Rhino Times the buyer is Greg Dillon the president of Dillon Development based in Maryland and who is involved in development of a parking deck. The development is being undertaken in partnership with the city of Greensboro and will be part of the Westin Hotel. However, when asked about the potential buyer, Daniel P. Finnegan, an editor and publisher at News & Record did not confirm if indeed Dillon was the buyer.
After selling the property, News & Record is expected to move to a new location in Greensboro in the later 2019 or early 2020. This is after being in the current location since 1976. After the closing date, the company has the option to lease the property.
The paper no longer needs such a big facility after moving its press and mailroom operations to Winston-Salem. The News & Record property, which is owned by BH Media Group, a wholly-owned subsidiary of Berkshire Hathaway has been regarded as the most outstanding opportunity for redevelopment in downtown and has been up for sale since the last fall when the newspaper shifted to a new location.
According to Zack Matheny from Downtown Greensboro the owners of the property will have to put to mixed use if they are to maximize it. The property could be used for restaurants, retail, hotels, residential and offices. The newspaper did not quote the selling in its announcement.
The newspaper has been reducing its staff, which has in turn reduced the amount of space required. The company has scrapped 50 positions across all its operations in the last one year. 36 of the positions where in Greensboro. Early this year, the company announced that its advertising sales had declined and was scrapping nine other positions.