| Just changing times and business... |
"A little more than a month after employees were first told that the
landmark Sunset campus was up for sale, the property has been sold to
Embarcadero Capital Partners, a real estate investment and management
firm based in Belmont, multiple sources told the Almanac.The seven-acre campus, located at 80 Willow Road, reportedly sold for $78 million, less than the rumored asking price of $84 million, according to those sources. During informal discussions with staff about the sale on Wednesday, Dec. 10, management was said to confirm that there was pressure from shareholders of Time Inc., which owns the Sunset brand, to meet fourth quarter earning expectations.
.... The magazine will remain at the Willow Road
property through 2015, and the annual "Sunset Celebration Weekend" event
is still planned for next summer, sources said. The publication is said to be looking for alternate sites for its test garden and kitchen.
In 1951, Sunset moved from San Francisco to its
iconic campus in Menlo Park. The following year Bill and Mel Lane took
over company operations from their father, Laurence W. Lane, who had
bought the publication for $65,000 in 1928 when it was a fledgling
travel magazine. The Lane brothers sold the company to Time Warner in
1990 for $225 million."
Read more.
Related - San Francisco Business Times/Silicon Valley Business Journal/Morning Edition/NathanDonato-Weinstein, Real Estate Reporter, 12/11/14. "... Most
observers I've spoken to do not consider this a tear-down redevelopment
site, though additions are a possibility. One thing's for sure:
The location is rapidly changing. Just down the street, Greenheart Land
Co. has bought the old Willow Garage space at 68 Willow Road and
installed a hip new co-working/incubator outfit, Hello Startups.
Research powerhouse SRI International is moving forward to rebuild 1
million square feet of R&D space. And less than a half-mile away, a
pocket of Middlefield Road has been drawing some top-drawer VC and
finance tenants. (In June, TIAA-CREF paid an eye-popping $1,193 per
square foot for 200 Middlefield.)"
The Almanac News/Dave Boyce, 11/18/14, "What's the future for Sunset campus in Menlo Park?" "What will be, will be. It has a certain logic for
Jim Cogan, the Menlo Park official responsible for economic development
in the city. .... "Of course, it would be a loss to Menlo Park from a
cultural significance standpoint and it is a great community builder,"
he added. ... With a sale would come property reassessment at current market rates and an increase in property taxes. "Not to be too cold, but when the property turns over, it will be a big property tax bump for the city," Mr. Cogan said.
Note photographs: Sunset front door by Michelle Lee from The Almanac News article, 11/18/14. Sunset grounds event from Catherine Enfield/Munchie Musings, 6/7/10.
1 comment:
Sunset had a beautifully run event every year on their property. They will be missed.
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