When it comes to rooting for the San Antonio Spurs or the New York Knicks in the 2026 NBA Finals, iHeartMedia leaders may have conflicting allegiances. While the nation’s largest audio content creation and distribution company maintains executive offices and its digital division in the City of New York, its headquarters has remained in the Alamo City since its time as Clear Channel Communications.
Now, that building at 20800 Stone Oak Parkway could be heading to a new owner.
As first reported by Streamline Publishing’s Radio Ink, the opportunity is being billed as a sale-leaseback investment with an “industry leading tenant” generating $2.09 million in annualized base rent.
As it stands, iHeart holds a full lease on the property through January 2035.
The 120,147-square-foot, three-story building, owned by Net Lease Office Properties, is listed through CBRE National Office Partners. No pricing information has been publicly shared.
W.P. Carey initially acquired the Stone Oak property from iHeartMedia in 2015, allowing the broadcaster to convert the owned real estate into capital while remaining in place as a tenant. The property was later spun off into Net Lease Office Properties when W.P. Carey divested 59 office properties in 2023 to refocus on industrial and retail assets.
Per the listing, the headquarters sits on an 18.95-acre site in San Antonio’s Far North Central office submarket and houses data center, disaster recovery, and studio operations alongside corporate office space. Built in 2002, it underwent a $5 million renovation between 2017 and 2019.
While a sale would no longer financially benefit iHeart, the listing arrives as broadcast real estate has attracted a string of transactions.
Salem Media Group sold its Camarillo, Calif., principal office in 2024 for $5.5 million, signing a five-year leaseback at roughly $400,000 annually. Cumulus Media sold its Nashville headquarters at 10 Music Circle East in December for $10.5 million under a comparable full-building leaseback arrangement. Audacy has taken a different path, subleasing nearly half of its Philadelphia offices at 2400 Market Street as its corporate center also gravitates toward New York.
— With reporting by Cameron Coats, in New York
