The Daily Record plans to sell its Saratoga Street home of almost 100 years and is looking downtown for “nicer,” “modern” offices for its 35 employees, publisher Suzanne Fischer-Huettner said Wednesday.
The decision to sell the five-story building was made this summer after representatives from The Dolan Co., the Daily Record’s parent company, visited the offices of the legal newspaper, Fischer-Huettner said. Minnesota-based Dolan Co. emerged from Chapter 11 bankruptcy in June. Appointment of a new CEO quickly followed.
“When they visited here and saw the building, they just feel like it would be great to get us new office space,” she said, adding that the building, completed in 1900, lacks basic technology, such as wi-fi. “This is really exciting for our staff. It’s sometimes hard to be in a building where sometimes the heat may not work.”
Fischer-Huettner declined to comment on how the sale fits into broader plans for Dolan, but said The Daily Record will remain a presence in the city. Jones Lang LaSalle senior vice president Terri Harrington, who is working on the deal, said the company is looking to lease roughly 10,000 square feet.
“We’re not leaving the area,” said Fischer-Huettner, adding that there is no urgent timeline for the sale. “We’ve been here 125 years and that’s not going to change.”
The Daily Record was founded in 1888 by Edwin Warfield, who became governor of Maryland in 1903. The company moved to its current location on Saratoga Street in 1916, expanding into a next door building in 1927. Two years later, it employed 32 full-time and five part-time staff, according to a history posted on its website.
The Daily Record is the only business currently housed in the building, Fischer-Huettner said. The top two floors are unfinished, she said.
The 14,560-square-foot property is valued at about $740,000 for tax purposes, according to state records. Harrington said the property could be suited for offices or conversion to apartments. The building would fit between 15 and 20 residential units, she said.
Harrington said she is still working to determine an asking price.
"The key is to get it at the right number because there are other buildings in the central business district that have been on the market for a number of years," she said. "We've got a little bit of time, but I don't get the impression they want to sit for a long time."
This post has been updated from the original with comments from Jones Lang LaSalle senior vice president Terri Harrington.