SanomaWSOY Corporation surrenders its option on site at Töölönlahti

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The Board of Directors of SanomaWSOY Corporation has decided not to buy another site at Töölönlahti in the immediate vicinity of the Helsingin Sanomat's present headquarters, Sanomatalo. The corporation has informed the City of Helsinki that they are giving up their option on the site, which would have been valid until the end of the current year.
      "We have evaluated our future office requirements, and have come to the conclusion that we will not need additional office space in the centre of Helsinki", said Senior Vice President Nils Ittonen of SanomaWSOY. Ittonen is in charge of the group's financing, investment, and real estate matters.
     
The Chairman of the Board of SanomaWSOY Corporation, Jaakko Rauramo, confirmed that their current premises are adequate.
      According to Ittonen, property investment and development is not one of the group's main lines of business, and hence the decision is final.
     
Helsinki's Deputy Mayor for City Planning and Real Estate Pekka Korpinen expressed some surprise at the news. He hopes that there will now be increasing interest in the site, but says that the matter is not urgent, while the planned city-centre tunnel is still pending. A shallow underpass has been thought to hamper the plans for underground floors of any new developments in the area, and the city are now looking at a deeper tunnel to carry through traffic and free up the street level.
      Jaakko Stauffer of the City of Helsinki Real Estate Department admits that at least one large Finnish corporation has already shown an interest in the prime downtown site.
     
According to the agreement between the City of Helsinki and the State on land-use in the Töölonlahti-Kamppi area, the City will get 62 percent of the construction rights, while the State's share will be 38 percent.
      After SanomaWSOY has surrendered its option, the City now has two prime sites available at Töölönlahti. The sale of the two sites will help the City to finance the restoration of the Töölönlahti Park. Töölönlahti already houses Finlandia Hall, and it is the location for the planned Music Centre that will be occupied by the Sibelius Academy, and which will also provide a new purpose-built concert hall for the city.


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