Copley La Jolla Headquarters, Library for Sale
The La Jolla headquarters of Copley Press at 7776 Ivanhoe is listed for sale for $11.5 million on LoopNet, billed to be the largest commercial real estate listing service online. The three-story building was built in 1957. It was not sold to Platinum Equity when the buyout firm bought the Union-Tribune, paying a bit over $50 million for property worth more than $100 million. The building is still occupied by a small handful of executives. There is an answering machine on the main number, but when I called today (Oct. 9) it was not functioning well. The direct line to Hal Fuson, who had been chief operating officer (de facto chief executive officer) of Copley Press has been disconnected, and I could not reach him at home. There is still a Copley company holding only the real estate assets.
The James S. Copley Library at 1134 Kline Street is also for sale with an asking price of $5.4 million. It was advertised today in the La Jolla Light, but I could not reach the Prudential Realty salespeople listed. The ad did not mention Copley. It touted "unique village property...rare...built and used as a library -- it could be converted to a spectacular, in-town, single family residence or split into two or more condominiums. Over 15,000 sq. ft. of usable space, on a 10,500 sq. ft. lot, 6 on-site parking space." Copley veterans who worked at headquarters say that the picture accompanying the ad, showing an ivy-colored building, is indeed the James S. Copley Library. The dimensions sound right and there were six parking places at the library, they say. There is an unconfirmed rumor that there is an effort to sell the books. There are many valuable volumes on the American Revolution; Constitution; early presidents, and the West, especially Mark Twain, Abraham Lincoln, John C. Fremont and Kit Carson. The library was started in 1964 by the late James S. Copley. Before he died, he asked the late Helen Copley, his wife, to complete the library. She did, and it was dedicated in 1982.
The LoopNet listing indicates that the former computer building next to headquarters, address 7701 Herschel, is still for sale at $5.9 million. It was one of the buildings sold to Platinum, which put it on the market at a higher price than it paid last spring.
The commercial real estate market is dismal, in San Diego and elsewhere.
More like this:
- Former Copley Press headquarters sold — Oct. 10, 2012
- Copley Library Goes for Steep Discount — April 9, 2010
- Union-Tribune sold cheap to Platinum Equity — March 10, 2010
- Copley Press Trying to Sell 22 Acres Adjoining Fox Hill — Oct. 12, 2009
- Tracking the Union-Tribune Deal: Five parcels sold for a total of $51.2 million — May 6, 2009