First, the Washington Post Co. shed the Washington Post. Then it shed its name. And now, finally, it has rid itself of the aging property that serves as its headquarters.

The company, now known as the Graham Holdings Company, will sell its flagship building and land on 15th Street NW to developer Carr Properties for about $159 million, according to a company press release. Carr owns several prominent buildings in and around downtown D.C., including a neighboring building to the Post headquarters at 1100 15th St. NW; as part of the new deal, Carr will also purchase the land under that building.

The sale frees the erstwhile Washington Post Co. to move to a new site better suited to its leaner needs. Separately, the Post newspaper, now owned by Amazon founder Jeff Bezos, is expected to find a new home soon.

The sale to Carr will take place after a due diligence period and is expected to be finalized around March, according to the press release.

Photo by Darrow Montgomery