Updated: 04/03/2014 5:02 PM
Created: 04/03/2014 4:46 PM KSTP.com
By: Megan Stewart
Star Tribune Media Company will relocate its headquarters to the Capella Tower, the media outlet announced Thursday.
The 56-story building in Downtown East will be renamed the "Star Tribune Building," the company said. The newsroom will be housed on one floor and establish a street-level presence for its brand, the company said.
The Star Tribune's current building at 425 Portland Ave. was bought by Ryan Companies during negotiations for the real estate near the new Vikings stadium.
Ryan Companies also manages the Capella Tower.
Jones Lang LaSalle has been chosen as the project manager to oversee the build-out and relocation. The new offices will be designed by Minneapolis-based HGA Inc.
“Rarely does a news organization encounter an opportunity to rethink its workspace from the ground up,” said Mike Klingensmith, publisher and CEO of Star Tribune. “Today, Star Tribune fields the largest newsgathering force in the upper Midwest, reporting around the clock on the stories that matter to Minnesotans. The prospect of designing a space suited to the unique needs of a 21st-century media organization is exciting to all of us.”
In addition to the new space, the paper is currently being purchased by Glen Taylor, the billionaire boss of the Minnesota Timberwolves. The parties are not disclosing the price tag, but it's an all-cash deal.