What we know about the sale of the Boston Globe’s HQ

Update: I was so excited to get a copy of Sheehan’s announcement in my inbox that I didn’t check to see whether the Globe had the story. They did. Here it is.

The Boston Globe has found a buyer for its headquarters at 135 Morrissey Blvd. The announcement was made in an email to the staff Friday night from Mike Sheehan, chief executive of Boston Globe Media Partners. (Thanks, source! You are a prince or princess among men or women.) Here’s Sheehan:

Just wanted you to know that BGMP has entered into an agreement to sell our headquarters at 135 Morrissey Boulevard. We have also entered into a confidentiality agreement with the buyer, so I can offer no details about the transaction at this time. This is just the beginning of the process; I’ll keep you updated as it proceeds.

Have a great weekend.

Mike

I tweeted out the news a little while ago, but it’s raised more questions than answers among people who don’t follow this stuff obsessively. So here’s a bit of background.

1. The Globe‘s editorial and business operations are moving downtown, into rented office space at 53 State St. The target date for the move is January 1, but I’m guessing that will prove to be ambitious.

2. The printing operations are moving to a new facility in Taunton.

3. This is a true fact:

4. In 2013 John Henry bought the Globe, the Worcester Telegram & Gazette, and the Morrissey Boulevard headquarters from the New York Times Company for a total of $70 million. He later sold the T&G for an undisclosed amount that has been estimated at somewhere between $7 million and $19 million. In 2014, the Globe reported that the Morrissey Boulevard property might be worth somewhere between $50 million and $70 million. So it is likely that Henry will have ended up getting the Globe for free. On the other hand, he’s losing money—or, as Globe editor Brian McGrory put it recently in a memo announcing buyouts, “The Globe’s numbers aren’t as good as our words (or photos, videos, and graphics).”

5. As Sheehan wrote, the identity of the new owner of the Morrissey Boulevard property and his intentions are not being announced at this time. So here’s some speculation from me and some sharp observations from Bill Forry, editor of the Dorchester Reporter.

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