The Los Angeles Times printing plant on Olympic Blvd. in downtown L.A. employs around 400 workers. It’s also where the West Coast editions of USA Today, The New York Times, the Wall Street Journal and China Daily are printed.
In a few years, the surroundings of the 700,000 sq. ft. facility are going to look very different. Tribune Media announced today that it has engaged the firm of Jones Lang LaSalle to find a buyer for the 25-acre property:
“This is one of Los Angeles’ hottest areas for mixed-use retail and office development, and we’re expecting a lot of interest,” said Murray McQueen, president of Tribune Real Estate Holdings. “This property offers seven acres that front Alameda Street and are ripe for development, as well as a long-term tenant in the Los Angeles Times with predictable, in-place rental income – a combination that will be very attractive to prospective buyers.”
The announcement comes on the heels of Soho House closing a deal to redevelop a nearby warehouse built in 1917 into their second L.A. outpost. Tribune Media is also looking for buyers for the north block of the Los Angeles Times Square property and its Tribune Tower in Chicago.