Recently, Acquisition Group purchased the building that News & Observer was in. Acquisition Group purchased the building for $22,000,000.00. This was not the first attempt that Acquisition Group made at purchasing the structures. The company had many many previous attempts to purchase the building, though they had failed at doing so. In the earlier part of 2017, the the company could not purchase the property after its local investors refused to purchase it for $20.2 million. However, McClatchy Company, a local media owner, decided to do business with Acquisition Group in the effort of purchasing the building.
The newspaper is changing locations. They are going from their current building to One City Plaza. The new address is a 17 story building where they will go on with their operations. They will have more room to do their operations. Also, they will have a ground-level area where the public will be able to see their operations.
The owner of Acquisition Group, Sam Sotoodeh, is one of many people who are very excited about the building purchase. His company is based in California, in Santa Anna. Sam Sotoodeh does work all around the world. They have done work in Los Angeles, Santa Anna and Releigh, though they have also done work in other countries and on other continents. They invest in real estate, oil and gas.
Sam Sotoodeh plans to redevelop the site that was once the home of the newspaper. It is in a downtown district that is projected to grow within following years. It is expected to boom as a downtown area. There are already a number of bars and venues in the area. There is also a warehouse district that is seeing intensive amounts of renovation.
Sam Sotoodeh attended the University of California, where he earned a BA in Economics. He later went to Cornell, where he earned an MBA.
The New & Observer started in 1907 and built the building that they are now selling in 1967. This era of relocating to a larger building just another era of their existence.
For details: www.huffpost.com/author/sam-sotoodeh