The San Antonio office building that has served as iHeartMedia’s corporate headquarters for more than two decades has been listed for sale by its current owner.
The 120,000-square-foot facility at 20880 Stone Oak Parkway is being marketed by CBRE National Office Partners on behalf of Net Lease Office Properties, according to a listing reviewed by The Desk.
The listing does not include an asking price for the property. The San Antonio Business Journal was the first to report the spot the listing on Tuesday.
The offering is structured as a sale-leaseback investment opportunity featuring what the listing describes as an “industry leading tenant.” iHeartMedia currently leases the entire building and is under contract through January 2035, generating approximately $2.1 million in annual base rent.
The property has long served as iHeartMedia’s corporate headquarters, dating back to the company’s days as Clear Channel Communications. While the broadcaster continues to maintain its headquarters presence in San Antonio, key executive offices and its digital business operations are based in New York City.
The three-story building sits on nearly 19 acres in San Antonio’s Far North Central office market and houses corporate offices, broadcast studios, data center infrastructure and disaster recovery operations.
Originally constructed in 2002, the facility underwent approximately $5 million in renovations between 2017 and 2019, according to the listing.
The office building is the second owned or leased by a radio broadcaster to be listed for sale in recent months. In March, The Desk was first to report that Salem Media Group was selling its headquarters in Irvine, Texas in order to address ongoing financial losses. That broadcaster, like iHeartMedia, intends to lease back its building; Salem Media previously sold its Californai-based headquarters for $6 million before relocating its corporate office to Texas.
iHeartMedia is the largest owner of commercial AM and FM radio stations in the United States, with more than 860 outlets to its name. The company also operates a digital audio platform and has a robust podcast business.
