Sale of Times Mirror Square closes
Canadian developer Onni Group is the new owner of the downtown complex.
Chicago media company Tribune Media Co. has sold a trio of properties for a combined $430 million, including the Los Angeles Times building in downtown L.A.
The sale of Times Mirror Square to Onni Group paves the way for the redevelopment of a historic building the newspaper has called home since 1935. The Vancouver, Canada, firm has explored turning the property at 202 W. 1st St. into a collection of creative offices, shops and residential units.
The Times reported in June that Onni had signed an agreement to buy the building, but Tribune Media formally announced the sale Wednesday. Two other properties were also sold — The Times’ printing facility off Olympic Boulevard and the Tribune Tower in Chicago.
Tribune didn’t mention individual buyers or prices, but a source familiar with the Times Mirror deal said that Onni paid more than $100 million for the 750,000square-foot complex.
An executive at Onni Group did not return messages seeking comment.
Known as Times Mirror Square, the L.A. Times’ headquarters is a mix of five interconnected structures that fill an entire city block, bounded by Broadway and Spring Street and 1st and 2nd streets. A redevelopment would dramatically remake the City Center neighborhood by turning the aging buildings occupied by The Times and other businesses into a bustling, mixed-use center.
A person familiar with Onni’s pursuit of the Times building said in late June that the developer was considering tearing down a section of the complex along 1st Street to build apartments. That portion dates to the 1970s and currently houses a Bank of America branch and offices.
The acquisition is a significant gain for Onni, which has been on a buying spree in downtown L.A., where it also owns at least eight other properties — including offices, apartments and an extended-stay hotel.
Among the more ambitious developments is a 49story residential tower under construction near the corner of 8th and Hill streets and Level DTLA, a 33-story building with fully furnished extended-stay apartments that opened on Olive Street last year.
It’s unclear if the Los Angeles Times will stay in the building, known for its Art Deco lobby with a large revolving globe. The newspaper has a lease until 2018, with two consecutive fiveyear options beyond that, a person familiar with the terms said in June. A spokeswoman for the paper’s owner, Tronc Inc., said there are no immediate plans to move.
Onni was founded by Italian immigrant Inno De Cotiis with the company’s name an anagram of his first name. It has helped transform Vancouver from a sleepy town to a dense city with soaring glass towers.
The company has built more than 6,000 residences in North America over the last decade and owns and manages 6.5 million square feet of commercial space and more than 4,600 apartments, according to its website.
The printing facility was purchased by a partnership headed by L.A.-based Harridge Development Group, its chief executive, David Schwartzman, said Tuesday. He declined to discuss plans for the property.
Los Angeles developer CIM Group was the buyer of the Tribune Tower, which it purchased for at least $205 million.