The 18-story, 470,000-sf, multi-tiered Beaux Arts structure now houses the Philadelphia Daily News and Philly.com in addition to the Inquirer. It is located on 4.2 acres at 400 N. Broad St., and the asset includes a parking area at 15th and Callowhill streets.

PMH, a private investment group headed by Brian Tierney, a former area ad executive, and Bruce Toll, a co-founder of Horsham-based Toll Brothers Inc., acquired the newspapers and associated assets, including the real estate, in May 2006 for $515 million. At that time, Tierney envisioned monetizing the real estate, William Luff, managing director and EVP of JLL, tells GlobeSt.com. An offering memorandum will be distributed nationwide after Labor Day, he says.

There is no asking price. According to published reports, it is assessed at $16.7 million. On condition of anonymity, principals of two local brokerage firms tell GlobeSt.com that it will sell well above that, although the ultimate price could vary significantly, depending on a buyer's intended use. One suggests a broad range of between $25 million and $40 million, adding, "that's a guesstimate. These are uncertain times, and this doesn't fit a traditional pricing model. With expansion of the convention center, I would think a hotel developer would be the best bet," he speculates. The other declined to suggest a price.