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For nearly 50 years, student journalists at the Daily Pennsylvanian have called a windowless office near 40th and Walnut Streets, affectionately known as the “Pink Palace,” home.

They’ll soon be on the move.

In late October, the DP announced it had acquired a building at 3721 Chestnut Street, which it plans to transform into “not only an office space but a media hub for all Penn students.” Renovations are slated to be completed in mid-2025—the same year the student-run media organization will celebrate its 140th anniversary.

The DP’s new digs will cover 4,200 square feet across four floors and include designated spaces for meetings, workshops, and events; a modern newsroom; studios for photography, videography, podcasting, and livestreaming; and an innovation lab for emerging technologies like virtual reality and augmented reality.

The DP, Inc. Foundation Board, made up of alumni volunteers and students, was recently established to oversee the purchase of the new building and will continue to fundraise for its renovations. The total cost of the project, including the building acquisition, is estimated at $3.7 million.

The DP had established a trust fund in the 1980s with the long-term goal of moving to a more suitable office. In a DP article about the relocation, foundation board chair Chuck Cohen C’89, a former managing editor of the newspaper, called “the future of the Daily Pennsylvanian bright.”

“Purchasing a new building allows the DP to be in control of its financial destiny for the first time in, really, its entire history,” Cohen said.

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