iHeartMedia’s San Antonio headquarters listed for sale

San Antonio-based iHeartMedia’s headquarters on the city’s North Side is up for sale.

New York-based real estate investment trust Net Lease Office Properties listed the building at 20880 Stone Oak Parkway, iHeart’s headquarters. CBRE brokers Patrick Benoist, John Taylor, and Scott Herbold have the listing, according to the Houston Chronicle. W.P. Carey Incorporated is the seller of the three-story, 120,000 square-foot plus building that sits on 19 acres. In total, iHeartMedia owns and operates 850 radio stations throughout the nation, and an additional 140 in Australia and New Zealand.

The company reported a net loss in the first quarter of 2026 to the tune of $95.2 million, according to the outlet. There was a near 10 percent rise in revenue, but not enough to outpace its spend. 20880 Stone Oak Parkway benefitted from $5 million in renovations from 2017-2019. Earlier in June, CIM Group listed its 179,000-square-foot office complex in San Francisco that has an iHeartMedia subsidiary as a tenant.

IHeartMedia filed for Chapter 11 bankruptcy in 2018 in an effort to manage its staggering $20 billion in debt. In a press release from that year, the company said they reached “an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors,” according to NPR. The move trimmed the debt and restructured the company, but it still struggled to find its footing, even after further restructuring its debt down to $5.75 billion in 2019.

In 2022, iHeartMedia cut its square footage in half as a part of a work space reduction that began in 2019, according to Digiday. San Antonio at large has seen similar moves. Vacancies in downtown office space rose a fraction over 30 percent partially due to a stalled office construction pipeline. Most new leases are concentrated in the suburbs as investors look to upgrade existing buildings while new construction costs rise.

— Hunter Cooke