Tegna, Division of Gannett, Sells McLean Headquarters for $270 Million

Tegna Inc., a new broadcast and media company derived from parent company Gannett Co. Inc., announced this week it has agreed to sell its company headquarters in McLean to Tamares, a private investment group, for $270 million, according to a report by Market Watch.

The deal is reportedly expected to close late in the third quarter or early in the fourth quarter of this year (September or October). As part of the agreement, Market Watch reported Tegna will continue to occupy a portion of the building for another 18 months.

“This agreement is a continuation of our goal to optimize our real estate portfolio across the company and allows us to transition to better use of space for our corporate headquarters,” Gracia Martore, Tegna’s president and CEO, told Market Watch. “Tegna remains committed to staying in the Washington, D.C. area, and a process is underway to find the most appropriate space to meet our company needs. We are pleased that Tamares will be taking over ownership of a great building and look forward to working with them over the coming months.”

The deal was brokered by the CBRE Group, Inc., according to Market Watch.

Tegna was formed just last month and handles Gannett’s broadcasting and digital media divisions, allowing Gannett to focus more on its print publications, including USA Today. Tegna owns or operates 46 television stations, and is now the largest group owner of NBC and CBS affiliate stations.

Tamara is an investment group focused on long-term deals in the real estate, technology and leisure industries.

“Tamares is proud to add the Tegna headquarters building to our portfolio of U.S. real estate holdings,” Poju Zabludowicz, Chairman of Tamares, told Market Watch. “This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, D.C. We look forward to enhancing the property and applying our local experience to attract new tenants to make 7950 Jones Branch Drive some of the most sought after first-class commercial office space in the area.”