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Article: N&O to sell Chapel Hill office
- Article from:
- The Independent Weekly
- Article date:
- August 27, 2008
- Author:
CopyrightCopyright Independent Weekly Aug 27, 2008. Provided by ProQuest LLC. (Hide copyright information)
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The Chapel Hill building that now houses the Durham and Orange county bureaus of The News & Observer is for sale.
"I think if we got the right price, we'd be interested in talking with somebody," John Drescher, The N&O's executive editor, said in an interview.
McClatchy, the Sacramento-based newspaper company that owns The N&O, owns the building at 505 W. Franklin St. County records list its value at more than $2 million.
Money is tight for McClatchy these days: The company instituted a wage freeze earlier this month, as its ad revenues and stock price continue to drop. Evidently, that prime piece of Franklin v Street real estate is too valuable an asset not to consider selling.