Herald-Tribune building in downtown Sarasota on the market
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 26, 2015

The Sarasota Herald-Tribune's marquee office building in downtown Sarasota is on the market.

JLL Senior Vice President Brent Miller and Vice President Jimmy Ullrich, who are based in Tampa, are marketing the 72,400-square-foot building at 1741 Main Street, according to a brochure for the property.

"With close to 75,000 square feet it represents a unique opportunity for a landmark headquarters location in a bustling amenity-rich downtown with suburban convenience," according to the marketing materials. "With over 30,000 square feet of glass designed to resist at least a Category 3 hurricane, 1741 Main combines artistic ingenuity with functional performance."

Miller said Thursday the building is for sale or for lease. The owners of the building retained the real estate after the newspaper was sold along with 35 others nationwide in a portfolio transaction last year.

The new owner, New Media Investment Group, has a lease for its space that expires in April 2016 and is considering its options, Miller said, which could include a sales-leaseback or moving if the building is sold to a company that wants to occupy the entirety of the property.

The property hit the market last week, Miller said, and he and Ullrich are already seeing interest from both investors and tenants. There are few options for office users in Sarasota who need more than 30,000 square feet of space, he said, and the newspaper's building is a modern space that was built in 2006.

There are multiple new residential developments in the works in downtown Sarasota, Miller said, which is driving demand for office space there.

It isn't the only the daily newspaper building on the market in Tampa Bay: The Tampa Bay Times has put its flagship building in downtown St. Petersburg on the market, though real estate sources have said that newspaper may struggle to get its rumored asking price of $30 million.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.