This is an interesting article from Design Decoded:
Though well known today, the Daily Planet building wasn’t always so critical to the Superman mythos. In fact, when the Man of Steel made his 1938 debut in the page of Action Comics #1, it didn’t exist at all. Back then, Clark Kent worked for the The Daily Star, in a building of no particular architectural significance because, well, there was no significant architecture in those early comics. The buildings were all drawn as basic, generic backdrops with little distinguishing features that did little more than indicate some abstract idea of “city”.
As noted by Brian Cronin, author of Was Superman a Spy? and the blog Comic Book Legends Revealed, Kent’s byline didn’t officially appear under the masthead of a paper called The Daily Planet until the 1940 Superman radio show, which, due to the nature of the medium, obviously couldn’t go into great detail about the building. That same year, The Daily Star became The Daily Planet.
But the lack of any identifiable architecture in these early representations of the Planet hasn’t stopped readers from speculating on the architectural origin of the most famous fictitious edifices in funnybooks. Unsurprisingly, Cleveland lays claim to the original Daily Planet. But so too does Toronto. And a strong case can be made for New York. So what was the true inspiration behind the iconic Daily Planet building?