IBJNews

Star putting downtown headquarters on market

Back to TopCommentsE-mailPrintBookmark and Share

The Indianapolis Star plans to sell its downtown headquarters building at 307 N. Pennsylvania St., the newspaper reported Friday afternoon.

President and Publisher Karen Crotchfelt made the announcement to the newpaper's staff Friday afternoon, saying the company would seek more modern office space downtown that was better suited to a "media company in the digital age," the story said.

The newspaper has been located at the site since 1907, four years after it was founded.

The building's assessed value is $21.3 million, according to tax records.

Commercial real estate broker CBRE was hired to market the building.

The Star's parent, Virginia-based Gannett Co., employs 1,073 people in the Indianapolis area, including about 650 downtown.

“Anybody who is reasonable who looks at the size of the building and the size of our staff can see it’s a mismatch,” said Indianapolis Newspaper Guild President Robert King, a reporter at The Star. “We have much more building than we have need for.”

King pointed out that the paper’s printing operation was moved to a facility on the city’s northwest side about 10 years ago, most of the human resources staff has been moved off-site and the editorial staff has shrunk through multiple layoffs.

While King said the paper might be hurt by losing its highly visible home, he thinks it's more important to have an appropriately sized building “in the heart of downtown” close to city and state government buildings and courts that reporters often cover.

The move doesn’t necessarily mean there will be more layoffs at the newpaper, King said.

“We’ve recently hired [editorial staffers] and we have job postings for two more reporter positions,” King said. “I don’t think this move is going to mean a smaller editorial staff by any means. Hopefully, this move frees up some money to invest in the news staff. Maybe that’s just wishful thinking.”

Crotchfelt told staffers there was no timeline for a sale or move.

Earlier this year, Gannett sold the adjacent American Building to developers planning market rate apartments.

ADVERTISEMENT

  • Yep, A Failure
    Yes Jonathon, that failure to develop a thriving downtown is the exact reason why I'm on a six month waiting list to live downtown. The north part of the Star complex was sold several months ago to an apartment developer. Hopefully they will now buy the whole building and convert it, that way my waiting list will go down to two or three months.
  • Indy is a model
    Anyone who was spent anytime outside of Indiana realizes downtown Indy is a model for the country. However you can't be the downtown to a decaying Marion County. The focus needs to shift outside of downtown to compete with Hamilton County and the others in order for Indianapolis to truly remain viable and competitive. The lack of effective regional planning will hurt the entire region if things do not change.
  • Downtown
    Jonathon, with respect, downtown apartments have a 94%+ occupancy rate, and new units are being filled to the brim before opening. Maybe, just maybe, people are tired of suburbia. Not you, of course, but plenty of intelligent, forward-looking people who want nothing more than a bold future in an exciting, revitalizing place.
  • beginning of the end
    The beginning of the end was when the Star fired Robin Miller & several other reporters that year. It's been downhill since due to email, & internet & others.. Karen does not have a chance
  • Dreaming
    Does anyone see the irony here. As businesses continue to flee the urban core, pie in the sky developers armed with other people's money and government money build ever more housing. This in a city of abandoned homes. This is the very definition of delusional. Indy rolled the dice on a sports-themed downtown, and anyone who has their eyes open understands it is an expensive, massive failure.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

    2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

    3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

    4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

    5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

    ADVERTISEMENT