Atlas Capital Group has purchased the Los Angeles Times’ printing plant in Downtown for $240 million.
The building contains about 660,000 square feet of manufacturing and distribution space, along with about 15 acres of open space mainly used for loading trucks and parking.
The seller was a partnership led by Harridge Development Group, according to the Times. The entire site spans 26 acres on Olympic Boulevard alongside the Santa Monica freeway, and Harridge purchased the plant three years ago for $120 million, and property values in the neighborhood have increased since then.
Atlas and its partners are developing the Row DTLA just a few blocks away, turning 2 million square feet of warehouse space into a complex of stores, restaurants and offices. The company also just went into contract in Manhattan to buy an 80,000-square-foot commercial building at 110 Leroy Street for $79.5 million earlier.
The Times built its printing plant in the late 1980s and became a tenant in the property after its former owner Tribune Co. filed for Chapter 11 bankruptcy. Its lease expires in 2023. Atlas’ plans for the printing plant are unclear, but several options have been floated in recent years, including a basketball arena, a residential development and creative office space, according to the Times.
Harridge is the developer behind the Crossroads of the World megaproject, a $1 billion project in Hollywood that is expected to feature 950 apartments and condos, a hotel, and 190,000 square feet of commercial space. [LA Times] — Eddie Small