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Hearst may sell SF Chronicle building, land -paper

Thu Oct 25, 2007 12:13pm EDT

NEW YORK, Oct 25 (Reuters) - Privately held publisher Hearst Corp may sell the San Francisco Chronicle building and adjoining properties in the city's SoMa district to take advantage of rising real estate values, the Chronicle reported on Thursday.

The exploration of a sale comes as the area undergoes rapid redevelopment, including the expansion of the Moscone Center and construction of the Intercontinental Hotel, the Chronicle reported.

It cited Stephen Hearst, vice president and general manager of San Francisco Realties, Hearst Corp's West Coast land management unit.

The land, excluding buildings, was assessed at $28.14 million, according to county records cited by the Chronicle.

Stephen Hearst did not immediately return a telephone call seeking comment. Chronicle Editor Phil Bronstein was did not immediately return an e-mail message seeking comment. (Reporting by Robert MacMillan, editing by Phil Berlowitz)



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