Shortly after announcing buyouts at its Vancouver newspapers, Postmedia Network says it's now vacating two floors occupied by the Vancouver Sun and The Province at its 200 Granville Street location.
Pacific Newspaper Group, a subsidiary of Postmedia, announced a buyout program for its employees earlier this year. Its publisher Gordon Fisher confirmed with J-Source that the company is looking to sublease its sixth and seventh floors of its prime downtown Vancouver location, each with approximately 12,240 sq. feet to May 2017 for "below market sublease rates."
"We're doing this to reduce our footprint and reduce costs," Fisher told J-Source. He said the sixt and seventh floors are currently occupied by non-editorial departments, and those staff will be moved to other floors that have extra office space. Postmedia's lease at the Granville street location expires in 2017.
"We've subleased some of our space in the past before, and have a few interested buyers already, so we're hoping to get a competitive rate for this location," he added.
Real estate company Colliers International has posted a brochure for the vacated space on its website.
Related content on J-Source:
- Opinion: Gordon Fisher, Don't blame reporters and editors for the problems of the newspaper industry
- Layoffs coming at Vancouver Sun and The Province
- Windsor Star moves into new building, invites readers into newsroom
200 Granville, also known as Granville Square or the Vancouver Sun and Province building "is home to a number of tenants ranging from resource firms to British Columbia’s two leading newspapers, the Vancouver Sun and The Province," , according to the property listing on Waterfront Properties.ca. "With 28 floors of top-quality office space, this Class A building, which was built in 1973, is still a distinctly recognizable building and features a beautifully landscaped plaza that is an integral part of Vancouver’s waterfront landscape."
Postmedia Network, which saw a 10 per cent revenue dip in its second quarter results earlier this year, is also looking to get out of building ownership business. It recently sold its Windsor Star and National Post properties in favour of becoming anchor tenants in downtown locations in Windsor and Toronto respectively.
Brochure for 200 Granville from Colliers International:
UPDATED: We've added a link to a tweet from @sladurantaye with information that J-Source subsequently confirmed with original reporting.