News Blog
Salinas Californian Building For Sale
July 26, 2011
There's a new multi-million-dollar, "landmark" property listing on Cassidy Turley's site, but its vacating tenant's a household name.
The Salinas Californian, the Gannett-owned daily-sans-Sunday newspaper, is selling its 37,213-square-foot office at 123 West Alisal Street for a cool $3.2 million. According to the Cassidy Turley listing, the building was originally constructed in 1949 with an expansion and addition in 1986. The Califorinan has been the building's sole tenant since its construction.
Terry Feinberg, the Californian's general manager, says that nobody's put in an offer on the building since it went on the market in February. "It's a tough real estate market," Feinberg says. "You add on top of that some of the challenges of this building" - mainly, that it was built for a newspaper operation using half the space for production and the other half for offices - "and it's difficult to find an operation that needs the same sort of configuration." The building's structure make it a difficult location to split up for multi-use purposes, Feinberg says, but he won't rule out the possibility of the Californian leasing back part of the building if it's sold.
"If somebody buys the building and it's going to take them a year or two to get building permits, we could lease [space] back in the short term," Feinberg says.
The paper's employees are aware of their building's up-for-sale status, Feinberg says. "For the most part, they're pretty positive and enthusiastic about the possibility to move into a more efficient space with consistent heating and air conditioning," he adds. But after five months on the market with no offers, nobody's packing boxes just yet.
"I don't think we'll have to worry about making that move anytime soon," Feinberg says.
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