This afternoon, Star Tribune publisher Mike Klingensmith sent staff an email confirming that the paper has agreed to move into the Capella Tower by mid-2015.
The paper recently agreed to sell its current property to developer Ryan Cos. for $30.8 million in order to make way for all the redevelopment going on around the new Vikings stadium, necessitating a relocation.
Here's Klingensmith's email, which was forwarded to us by a Star Tribune source:
To All Star Tribune Staff,
I'm very happy to report that the Star Tribune has selected a new location for our Portland Avenue operations: the Park Building at 650 Third Avenue South in downtown Minneapolis which is part of the Capella Tower. I'm equally excited to announce that when we move in, the Park Building will be renamed "The Star Tribune Building," providing our strong brand with another high-profile presence in the heart of the city. We signed a lease agreement with the building's owner yesterday. The expected timeline would have us moving to the new Star Tribune Building by mid-2015.
This is a first-class property that offers the best combination of features and amenities for all of our employees. First and foremost, we will be able to house our newsroom on a single floor. We will also have an exciting opportunity to create a street-level presence for our brand downtown. The building also offers other advantages, such as its familiar Downtown East location, proximity to city and county government offices and skyway connections. And yes, it will have workout facilities and bike lockers.
Rarely does a news organization have an opportunity to rethink its workspace from the ground up. The prospect of designing a space suited to the unique needs of a 21st-century media organization is exciting for all of us and I'm delighted that we have such a strong team in place to make the Star Tribune Building a reality. Watch for more communication about this in the days ahead.
Fancy new digs and a rich new owner -- who says print media is dying?