J.B. Brown & Co. has purchased a South Portland press building from MaineToday Media and will lease the building back to the company, which produces the Portland Press Herald and Maine Sunday Telegram.
The deal was announced Tuesday by CBRE/The Boulos Co., which handled the transaction.
The lease-back of the building at 295 Gannett Drive runs for an initial term of 10 years, renewable for up to 40 years, said Lisa DeSisto, chief executive officer and publisher of MTM.
Terms of the deal were not disclosed.
MTM will use the proceeds from the sale to purchase a press for the facility that will be less expensive to operate than the news organization’s current machinery, DeSisto said.
The company is negotiating with its unions over staffing the printing operation in South Portland. The company also plans to move almost all of its remaining staff – including reporters and editors – who currently occupy leased space at One City Center in Portland, to the South Portland building, once a sublessor is found.
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