Pittsfield's Clock Tower building goes on the market
PITTSFIELD -- The Clock Tower Business Park is on the market, along with 50 other properties nationwide that are owned by Digital First Media, parent company of The Berkshire Eagle.
The 165,203-square-foot office building at 75 S. Church St. is home to The Eagle and numerous other business tenants.
The Eagle's parent company aims to sell the building and lease back space for its news, advertising, business and printing operations.
"This strategy allows me and other publishers across the country to focus our energies on running quality media companies, rather than acting as part-time building managers and landlords," said Ed Woods, The Eagle's regional publisher. "I'm excited about the opportunity that this presents to our staff and our readers."
The Clock Tower Business Park, formerly the Sheaffer Eaton mill complex, underwent a multi-million renovation by the Miller family in the early 1990s.
The Clock Tower building is listed for sale at $2.5 million. The land is listed at $100,000.
In 1995, the Miller family, which owned The Eagle at the time, sold the newspaper and the Clock Tower Business Park to MediaNews Group. Since then, The Eagle's parent company has owned the property.
Digital First Media, headquartered in Denver, is the second largest newspaper company in the country by daily circulation and reaches more than 67 million Americans monthly across 18 states.
Fifty other Digital First-owned real estate holdings were announced for sale Tuesday. Other holdings have been sold in recent years or were already on the market.
Across the company, the brick-and-mortar sales are part of a strategy to streamline its "real estate portfolio through a comprehensive program encompassing property sales, new leasing, relocations and consolidation, thereby freeing the company from the constraints of being overburdened with underutilized properties," said Steve Rossi, president and chief operating officer of Digital First Media.
"The new addition of properties for sale brings the total square footage on the market to 1.7 million square feet covering all property types including office, flex and production sites," said Nathanael Pennington, president of Praxis Commercial, the real estate broker. "From California to New England, the wide ranging launch is expected to bring significant benefits to Digital First Media."
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