Apparently, the Lopez family has already decided to let go of its iconic ABS-CBN Broadcasting Center in Mother Ignacia, Quezon City.
According to a Bilyonaryo article published on March 7, the 3.4-hectare property which is located at the corner of Sgt. Esguerra and Mother Ignacia, where ABS-CBN has been operating since 1968, has been purchased by Rockwell Land, the Lopez family’s real estate division.
The planned demotion is said to commence in the latter part of the year, thus ABS-CBN has already informed some of its officers and staff in the news department about their studio’s relocation to the ELJ Building.
The decision to demolish the low-rise building and sell the land is still part of the network’s mitigating measures to stay afloat following the loss of its broadcast franchise in 2020.
ABS-CBN was “forced” to cease broadcasting in May 2020 following a cease-and-desist order from the National Telecommunications Commission and the subsequent killing of its franchise renewal by 70 Duterte-allied congressmen in July 2020.
Since the building is almost empty due to mass layoffs and work-from-home arrangements for most employees, it was the practical thing to do.
In addition, prior to the pandemic, the Lopez family was already considering converting their iconic headquarters into a mixed-use development area that would include “multi-level retail, a rooftop lifestyle area, a residential tower, an office tower, and a telecommunication tower.”
The broadcast center is the third ABS-CBN property to be sold, following another land parcel in the Scout area in Brgy. South Triangle, Quezon City, and their two-story townhouse property in Redwood City, California.
