Oprah Winfrey is thinking about selling Harpo studios. A spokeswoman confirms Eastdil Secured was hired to explore options for the Chicago campus.
The West Side facility houses the Oprah Winfrey Network headquarters. The campus includes four buildings along West Washington Boulevard.
Winfrey is reportedly exploring several options, including refinancing. However, she may sell the entire campus. Spokeswoman Nicole Nichols confirms the real estate firm was hired.
As reported by Chicago Real Estate Daily , Winfrey has the option of leasing one or more of the buildings following a sale. This would allow for consolidation of OWN operations.
The campus includes 170,000 square feet of offices and studios. Although the buildings are still in use, they are not necessary to run OWN.
As reported by the Chicago Tribune , the property was purchased in 1988. Chicago real estate agent Sean Conlon says Winfrey is a “very savvy real estate pioneer.” He predicts she will “make a killing” if she decides to sell.
Winfrey’s real estate ventures have not always been lucrative. Earlier this year, she reportedly sold the Oprah Store property at a $1 million loss. The store was located across the street from Harpo Studios.
As reported by Daily News , the store served as a souvenir shop and boutique. The boutique featured clothing under the Oprah and Oprah’s Closet labels.
In 2012, Winfrey sold her Chicago condo at a $2.9 million loss. She purchased the co-op unit in 2006. However, she never moved in.
Winfrey also discussed selling her Chicago home. She said she would prefer an apartment or smaller residence.
Harpo employees were assured that the sale would not halt operations. OWN’s production and post-production processes will continue in Chicago, as the network’s Los Angeles facility is not equipped with studios.
Oprah Winfrey discussed the possible sale in an internal memo. However, she said the changes would not be immediate.
[Image via Flickr ]
