NOW Magazine has put its building at 189 Church St. up for sale. The property, which hit the market earlier this month, is expected to fetch in the neighbourhood of $8-$10 million according to one local real estate agent.
Toronto's venerable alt weekly has been wading through turbulent times in the print industry suggesting this move might be a play to cash in on a key asset amid flat to declining ad revenue. Alt weeklies are facing challenging market conditions across the country. The Grid shuttered last summer and Calgary's FFWD bit the dust in March.
In an internal email dated April 14 co-founder Alice Klein seeked to re-assure staff that the sale wouldn't have any profound impacts on the company in the near term. She wrote:
Here is some surprising information: the NOW building is up for sale starting today. But don't panic. The sale terms include a two year lease-back to allow us plenty of time to find a new NOW home for the future.
A move is on the long-term horizon because, as we all know, we are not fully inhabiting this expansive commercial space. And, of course, change is the name of the game at NOW, at this time. So maybe this isn't such surprising news after all.
Are you surprised by the news? What do you think is the future for alt weeklies in Canada?
Photo via Spacelist
by Staff via blogTO
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