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Chicago & Midwest  + Midwest  + Office  |  May 22, 2019
Paul Bubny
By: Paul Bubny

Kansas City Newspaper HQ Trades in Sale-Leaseback

Media holding company McClatchy recently completed the sale-leaseback of its Kansas City Star headquarters to Ambassador Hospitality LLC. The glass building at 1601 McGee St. in downtown Kansas City, MO was sold for $30.1 million and leased back for 15 years with initial annual lease payments of $2.8 million.

Sacramento-based McClatchy had previously sold the newspaper’s longtime headquarters across the street in 2017. Employees then moved into 1601 McGee, built in 2006 to house printing operations.

In addition to printing operations, 1601 McGee contains a newsroom and administrative operations. The Star retains ownership of the building’s contents, and its employees will continue to work on site for the life of the lease.

Separately, McClatchy recently closed on the $2.2-million sale of a distribution facility in Miami. The company expects to use the combined net proceeds of approximately $32 million to perform a partial redemption of its 2026 notes at par.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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