In August 2020, a three-story, 17,765-square foot home to offices and broadcast studios went on the market in New Orleans’ Warehouse District. It’s one block north of WDSU-TV, the Hearst Television station that’s been a fixture at Howard and Barone for generations.
Soon, WDSU will have one less media industry companion on Howard Street. That three-story building, three blocks north of the St. Charles Streetcar, has been sold by iHeartMedia.
As first reported by New Orleans CityBusiness, Miami-based New Orleans Property Partner LLC is acquiring the 929 Howard Street facility.
The purchase price: $3.579 million.
It is a slight haircut from the $3.7 million iHeartMedia listed it for, but given the tough real estate market, it could be considered a win for the audio content creation and distribution company led by CEO Bob Pittman and COO/CFO Rich Bressler.
The sale date is listed as September 29. As such, it will likely be noted in the upcoming third quarter earnings call, which iHeartMedia’s peers have noted with respected to “accretive” real estate transactions.
The building at present has brought iHeartMedia, as a brand, great publicity. Its red and white colors and company logo on the north and south faces of the structure can easily be seen from high-traffic areas.
According to New Orleans CityBusiness, the facility is approximately 25-30 years old and houses a 250kw generator. The property also includes 60 parking spots with a secured gate and two adjacent lots.
Citing Orleans Parish land records, this puts the land sale valuation at approximately $201 per square foot.
What is “New Orleans Property Partners LLC”? It is a newly established entity led by four individuals associated with Southern Glazer’s Wine & Spirits, one of the largest alcohol distribution companies in the U.S. It is led by CEO Wayne Chaplin.
This likely means the building will be converted from its current use, unless Chaplin and his team have an interest in podcasts. And, there’s a good chance the iHeartMedia logo will be wiped clean off the structure, replaced by one of the many brands Southern Glazer’s distributes. They include Grey Goose and Ketel One vodka; Jim Beam; and Bacardi, among many others.
What does the future hold for iHeartMedia? Smaller studio and office space, if what the company did in Tampa is any indication of what is to come.
The iHeartMedia New Orleans station group is comprised of News/Talk WRNO, R&B WQUE “Q93,” R&B and Hip-Hop WYLD, Country WNOE, Adult Hits KVDU “104.1 The Spot,” BIN: Black Information Network 1280, and “Hallelujah 940 AM.” There is also “Throwback 96.3” on a FM translator.
