Ron Newman
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The Boston Globe writes:
Boston Herald property sold
By Christopher Rowland, Globe Staff | August 7, 2007
Boston Herald publisher Pat Purcell is teaming with a development firm to replace the newspaper's plant near the Southeast Expressway at the edge of Boston's South End, in a deal that could include residential, retail, and office space.
Purcell has sold the Herald building and the 6.6-acre parcel it sits on for an undisclosed price to a joint venture that includes himself and National Development, which is headquartered in Newton Lower Falls.
While it will potentially add a major new feature to Boston's southern skyline, the deal also marks another step in Purcell's efforts to transform Herald assets into cash and streamline the tabloid's operations. Purcell considers the Herald's antiquated printing presses obsolete in a time when newspapers can be electronically transmitted to be printed anywhere, said Purcell spokesman George Regan. The deal allows the current operation to remain in place for several years while the newspaper is relocated.
"The whole publishing world has changed dramatically, and the Herald is as mobile as anybody else,'' Regan said.
Last year, Purcell sold the Herald's daily and weekly suburban newspapers surrounding Boston to GateHouse Media Inc., a national chain, for $225 million. Earlier this year, Purcell confirmed he was in talks with Dow Jones & Co. to outsource the printing of the Herald to a Dow Jones press plant in Chicopee. That concept is still in play -- Dow Jones will soon be owned by Purcell's old boss at News Corp., Rupert Murdoch -- and would allow Purcell to eliminate up to 100 of the 650 jobs at the Herald site.
Purcell owns the Herald property independently from the newspaper. The deal to transform the site into a major real estate development is another piece of the puzzle.
Ted Tye, National Development's managing partner, said last night that the new partnership is hunting for a new location within Boston for the Herald newsroom and offices.
"For a newsroom and business offices, you could be located just about anywhere,'' he said.
National Development has built shopping malls, big-box retail stores, chain hotels, office projects, and residential space throughout Massachusetts. The Herald site is attractive to National Development because it will link the South End with Chinatown and the rest of the city, said Tye.
"It is a superb location. It's a gateway location to the city,'' he said.
Another developer familiar with the Herald site, but who requested anonymity because it is not his project, said that there is contamination on the property that will have to be cleaned up.
"It's a very challenging location. It's a site for five to 10 years from now. It's not a short-term transaction,'' he said.
Other developers are also looking at the neighborhood. A city official who requested anonymity because no official action has been taken said developers has shown the Boston Redevelopment Authority a preliminary proposal at a neighboring site, at 275 Albany St., to build a 25-story complex with 290 housing units and a 150-room hotel.
Boston Herald property sold
By Christopher Rowland, Globe Staff | August 7, 2007
Boston Herald publisher Pat Purcell is teaming with a development firm to replace the newspaper's plant near the Southeast Expressway at the edge of Boston's South End, in a deal that could include residential, retail, and office space.
Purcell has sold the Herald building and the 6.6-acre parcel it sits on for an undisclosed price to a joint venture that includes himself and National Development, which is headquartered in Newton Lower Falls.
While it will potentially add a major new feature to Boston's southern skyline, the deal also marks another step in Purcell's efforts to transform Herald assets into cash and streamline the tabloid's operations. Purcell considers the Herald's antiquated printing presses obsolete in a time when newspapers can be electronically transmitted to be printed anywhere, said Purcell spokesman George Regan. The deal allows the current operation to remain in place for several years while the newspaper is relocated.
"The whole publishing world has changed dramatically, and the Herald is as mobile as anybody else,'' Regan said.
Last year, Purcell sold the Herald's daily and weekly suburban newspapers surrounding Boston to GateHouse Media Inc., a national chain, for $225 million. Earlier this year, Purcell confirmed he was in talks with Dow Jones & Co. to outsource the printing of the Herald to a Dow Jones press plant in Chicopee. That concept is still in play -- Dow Jones will soon be owned by Purcell's old boss at News Corp., Rupert Murdoch -- and would allow Purcell to eliminate up to 100 of the 650 jobs at the Herald site.
Purcell owns the Herald property independently from the newspaper. The deal to transform the site into a major real estate development is another piece of the puzzle.
Ted Tye, National Development's managing partner, said last night that the new partnership is hunting for a new location within Boston for the Herald newsroom and offices.
"For a newsroom and business offices, you could be located just about anywhere,'' he said.
National Development has built shopping malls, big-box retail stores, chain hotels, office projects, and residential space throughout Massachusetts. The Herald site is attractive to National Development because it will link the South End with Chinatown and the rest of the city, said Tye.
"It is a superb location. It's a gateway location to the city,'' he said.
Another developer familiar with the Herald site, but who requested anonymity because it is not his project, said that there is contamination on the property that will have to be cleaned up.
"It's a very challenging location. It's a site for five to 10 years from now. It's not a short-term transaction,'' he said.
Other developers are also looking at the neighborhood. A city official who requested anonymity because no official action has been taken said developers has shown the Boston Redevelopment Authority a preliminary proposal at a neighboring site, at 275 Albany St., to build a 25-story complex with 290 housing units and a 150-room hotel.
