The Boston Globe is looking for a new buyer for its Morrissey Boulevard headquarters after Concord commercial real estate firm Winstanley Enterprises pulled out of the sale agreement, the newspaper said yesterday.
“One of their equity partners pulled out and they couldn’t complete the deal, so they’re out of it,” Boston Globe CEO Mike Sheehan said. “They’re not the only developer around and we’ll move on.”
The Globe and Winstanley had agreed to the sale of the 16.5-acre site in Dorchester late last year. No sale price was disclosed, but real estate experts have valued the site at anywhere between $21 million and
$75 million.
“It was a pleasure to work with the Boston Globe’s leadership as we considered future uses for the site,” Adam Winstanley said in a statement. “It is great real estate but ultimately it was not the best fit for our capital partner at this time. We know that this will be a great development and will bring jobs and opportunities to the neighborhood. We leave this process with respect for all of those involved.”
Sheehan said now that the property is back on the market, the Globe will speak to other developers, including the two other finalists selected during its original round of inquiries. He said the Globe’s plan to move out of its 815,000-square-foot headquarters will not be affected by the search for a new buyer.
“We’ll take our time to do it. It doesn’t affect at all our plans to move,” Sheehan said. “We’re not in a rush.”
The Globe has announced an agreement to buy a building in Taunton that will be turned into a new printing press. Colliers International is advising the Globe on the sale.
