Star Tribune Completes Sale of Its Downtown Land
MINNEAPOLIS – Feb. 11, 2014 – Star Tribune Media Co. today announced it has closed on the sale of its downtown Minneapolis campus to Ryan Companies.
The sale encompasses four contiguous blocks of land between South 3rd Street and South 5th Street, and between 5th Avenue South on the west and Park Avenue South on the east. An adjacent fifth block between South 3rd Street and South 4th Street, and between Park Avenue South on the west and Chicago Avenue on the east is also included in the transaction.
Under the terms of the sale, Star Tribune will lease back its current office space from Ryan for up to 18 months while the company completes its move to a new location. Star Tribune currently employs 600 people in the building at 425 Portland Ave., including newsroom, sales and marketing, circulation, digital, finance, human resources and IT staff. Another 600 Star Tribune employees work at the company’s Heritage Center at 800 North First St., primarily in printing and distribution; those employees will remain at their current location.
About Star Tribune Media Company
Star Tribune Media Company LLC is a locally owned and operated media company serving Minnesota and the upper Midwest. In the last year, the company’s flagship property, The Star Tribune, has enjoyed exceptional successes, earning two Pulitzer Prize Awards, two Edward R. Murrow Awards, and a Gerald Loeb Award—all while recording key gains in circulation. With the seventh-largest Sunday and 12th-largest daily circulation newspaper in the U.S., the most-visited local website, a range of home-delivered advertising solutions, the Radius small-business digital-marketing solutions, and a popular arts/entertainment publication and smartphone app, Star Tribune reaches more consumers than any other Minnesota media brand. For more information, visit StarTribuneCompany.com.