New home of LA Times is revealed

The 4.5-acre property in El Segundo has room for a ground-up building

2300 Imperial Highway in El Segundo
2300 Imperial Highway in El Segundo

The big announcement last week that the Los Angeles Times will move out of its Art Deco downtown office and into a new locaiton in El Segundo was missing one thing: an address.

Now, that has been confirmed. The company will move to 2300 Imperial Highway in El Segundo, the Times reported.

Dr. Patrick Soon-Shiong, who is in the process of buying the newspaper, owns the unassuming seven-story office building. It is one of at least five the biomedical billionaire owns in the city.

Soon-Shiong said the building is being renovated to accommodate a newsroom on multiple floors, a cafeteria, retail shop, museum, studios, and event spaces. He added that there was room on the 4.5-acre property to raise another building as well.

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Soon-Shiong’s Culver City-based Live Oak Properties bought the 157,000-square-foot building last February for $52 million. It was built in 1964 and underwent a major renovation in 2000.

The mission, he added was “to create the most modern newsroom,” and said the Times “[needs] to build a campus that is there for the next 100 years, not to lease a building.”

While the building is being outfitted, Times employees will work in a 120,000-square-foot building nearby, the paper reported.

The Times has been at the Downtown building that bears its name since 1935, near many of the government institutions it regularly covers. Vancouver-based Onni Group purchased the building two years ago and wanted $1 million in monthly rent from the Times, Soon-Shiong claims. [LAT] — Dennis Lynch