The Kansas City Star has completed a sale and lease-back agreement for its iconic, state-of-the-art glass building at 1601 McGee Street in downtown Kansas City.
The agreement transfers ownership of the building to Ambassador Hospitality, LLC for a price of $30.1 million. The sale closed Wednesday.
McClatchy, on behalf of The Star as its parent company, is leasing the building back for 15 years with annual payments initially set at $2.8 million.
Star employees will continue to work in the building for the life of the lease.
The Star retains ownership of the contents of the building, including the printing press and all personal property.