Philadelphia Media Network Moves to Market Street
- Nov 21, 2011
Philadelphia Media Network (PMN) is about to vacate its historic headquarters at Broad and Callowhill streets and move to the newly renovated Strawbridge & Clothier Department Store building located at 801 Market Street. The announcement was made early this week by PMN’s chief executive, Greg Osberg, who was joined by Mayor Michael Nutter and two representatives of the Pennsylvania Real Estate Investment Trust, which owns the 18-story building.
PMN is the owner and publisher of The Philadelphia Inquirer, Daily News, Philly SportsWeek and Philly.com. As reported by Citybizlist, the media trust will reduce its footprint by three quarters, from 525,000 square feet to 125,000 square feet, and will occupy the entire third floor in the Strawbridge & Clothier building and part of the adjacent Gallery.
According to The Philadelphia Inquirer, PMN has 740 employees in the facility at 400 N Broad Street; starting July 1, 600 will relocate to the new headquarters building, which has been leased for 12 and a half years. The remaining employees could move to offices in Montgomery County or South Jersey.
The Washington Post notes that PMN acquired the newspapers for $139 million in 2010, then—in July 2011—sold the 86-year-old building to developer Bart Blatstein at an undisclosed price.
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