Washington Post Co., which is due to change its name to Graham Holdings Co. this week, agreed to sell its headquarters building in downtown Washington to Carr Properties for about $159 million.
The sale of 1150 15th St. NW, scheduled for completion at the end of March, includes land next to the building, Washington Post Co. (WPO) said in a statement yesterday. Closely held Carr is a real estate investment company also based in the city.
Washington Post Co. said in February that the company may sell its headquarters to relocate to a property that will make its operations more efficient, following similar moves by newspaper companies throughout the U.S. Last month, Washington Post Co. completed the sale of its namesake newspaper to Jeff Bezos, chief executive officer of Amazon.com Inc. (AMZN)
Other media companies have sought to profit from their real estate holdings. New York Times Co. in 2009 sold the space it occupies in its Manhattan headquarters for $225 million and leased the offices back. The newspaper moved to the building in July 2007 after selling its former headquarters to Tishman Speyer Properties LP for $175 million in 2004.
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