The Real Deal Los Angeles

Tribune Media to sell 25 acres in downtown’s Arts District

JLL is representing the company in the sale
December 21, 2015 10:52PM

Tribune Media, the Chicago-based media giant, is looking to sell 25 acres of developable land in Los Angeles’ downtown Arts District, the Chicago Business Journal reported.

JLL has the exclusive listing for the property, which comprises seven acres of frontage along Alameda Street and a large printing facility leased by the Los Angeles Times.

The Times is owned by Tribune’s sister company, Tribune Publishing. The publishing company, which also owns the Chicago Tribune, the Orlando Sentinel and the Baltimore Sun, was spun off from its media counterpart last year. The media side retained a real estate portfolio totaling 77 assets, 8 million square feet of properties and 1,200 acres of land.

“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,” said Murray McQueen, president of Tribune Real Estate Holdings.

The move to sell comes just months after the company put its iconic Tribune Tower in Chicago on the market. [Chicago Business Journal]