Leroy N. Soetoro
2022-11-13 21:58:53 UTC
https://www.latimes.com/business/story/2019-12-12/los-angeles-times-
printing-plant-sold-atlas-capital-group
The sprawling downtown plant where the Los Angeles Times is printed has
been sold to a New York real estate developer that builds large-scale
mixed-use complexes in Los Angeles and other cities.
Atlas Capital Group paid about $240 million for the 26-acre site on
Olympic Boulevard alongside the Santa Monica freeway where The Times is a
tenant, according to people who know about the deal.
The seller was a partnership led by Los Angeles landlord and builder
Harridge Development Group, which paid $120 million for the plant three
years ago. In recent years, the industrial neighborhood where it lies has
enjoyed a run-up in property values as the nearby Arts and Fashion
districts have seen billions of dollars worth of new residential, office
and retail projects.
Just a few blocks from the printing plant, Atlas is developing the Row
DTLA on Alameda Street, where Atlas and its partners are turning 2 million
square feet of historic warehouses into offices, restaurants and stores
while still serving as a hub for the local produce industry.
The Olympic printing plant was built by the newspaper in the late 1980s to
replace obsolete printing operations at its downtown headquarters.
The Times became a tenant in the printing plant following the Chapter 11
bankruptcy reorganization of its then-owner Tribune Co., which ended in a
2012 agreement with creditors that spun off Tribunes real estate holdings
into a separate company.
Harridge acquired the Olympic plant from that company in 2016 and was
expected to redevelop the property.
Harridge retains a minority ownership in the complex, which has about
660,000 square feet of manufacturing and distribution space with about 15
acres of open space used primarily for parking and truck loading. It also
has offices and a train dock for unloading shipments of newsprint.
The Times lease expires at the end of 2023, according to real estate data
provider CoStar. Plans for printing the paper after that date are unclear,
but owner Patrick Soon-Shiong owns buildings in El Segundo, including an
office building on Imperial Highway where he moved The Times editorial and
business operations last year.
A representative for The Times declined to comment on company plans to
print the paper in the years ahead.
The Times also prints editions of the New York Times and Wall Street
Journal at the Olympic Plant under contracts with those news
organizations.
Officials of Atlas declined to talk, and Harridge did not respond to
requests for comment about the sale or about their plans for the Olympic
plant, which has been considered for numerous development options in
recent years.
Clippers owner Steve Ballmer pondered turning the site into a basketball
arena, but is now focused on building a $1-billion complex in Inglewood
across the street from a stadium that will be the home of the NFLs Rams
and Chargers beginning in 2020.
Other uses considered for the Olympic plant site include residences,
stores and so-called creative offices that are often fashioned from former
industrial buildings.
Such offices have become especially popular in the Arts District, where
companies such as Warner Music, music streaming service Spotify and online
coupon firm Honey have staked out new digs. Exclusive private club Soho
Warehouse recently opened on Santa Fe Avenue not far from the printing
plant.
Tenants in creative fields are oftentimes skipping over the downtown
financial district and going straight to the Arts District, said real
estate broker Brittany Winn of Cushman & Wakefield, who was not involved
in the sale. The problem is, there is a limited supply of the cool,
creative buildings they are looking for.
--
"LOCKDOWN", left-wing COVID fearmongering. 95% of COVID infections
recover with no after effects.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Donald J. Trump, cheated out of a second term by fraudulent "mail-in"
ballots. Report voter fraud: ***@mail.house.gov
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
printing-plant-sold-atlas-capital-group
The sprawling downtown plant where the Los Angeles Times is printed has
been sold to a New York real estate developer that builds large-scale
mixed-use complexes in Los Angeles and other cities.
Atlas Capital Group paid about $240 million for the 26-acre site on
Olympic Boulevard alongside the Santa Monica freeway where The Times is a
tenant, according to people who know about the deal.
The seller was a partnership led by Los Angeles landlord and builder
Harridge Development Group, which paid $120 million for the plant three
years ago. In recent years, the industrial neighborhood where it lies has
enjoyed a run-up in property values as the nearby Arts and Fashion
districts have seen billions of dollars worth of new residential, office
and retail projects.
Just a few blocks from the printing plant, Atlas is developing the Row
DTLA on Alameda Street, where Atlas and its partners are turning 2 million
square feet of historic warehouses into offices, restaurants and stores
while still serving as a hub for the local produce industry.
The Olympic printing plant was built by the newspaper in the late 1980s to
replace obsolete printing operations at its downtown headquarters.
The Times became a tenant in the printing plant following the Chapter 11
bankruptcy reorganization of its then-owner Tribune Co., which ended in a
2012 agreement with creditors that spun off Tribunes real estate holdings
into a separate company.
Harridge acquired the Olympic plant from that company in 2016 and was
expected to redevelop the property.
Harridge retains a minority ownership in the complex, which has about
660,000 square feet of manufacturing and distribution space with about 15
acres of open space used primarily for parking and truck loading. It also
has offices and a train dock for unloading shipments of newsprint.
The Times lease expires at the end of 2023, according to real estate data
provider CoStar. Plans for printing the paper after that date are unclear,
but owner Patrick Soon-Shiong owns buildings in El Segundo, including an
office building on Imperial Highway where he moved The Times editorial and
business operations last year.
A representative for The Times declined to comment on company plans to
print the paper in the years ahead.
The Times also prints editions of the New York Times and Wall Street
Journal at the Olympic Plant under contracts with those news
organizations.
Officials of Atlas declined to talk, and Harridge did not respond to
requests for comment about the sale or about their plans for the Olympic
plant, which has been considered for numerous development options in
recent years.
Clippers owner Steve Ballmer pondered turning the site into a basketball
arena, but is now focused on building a $1-billion complex in Inglewood
across the street from a stadium that will be the home of the NFLs Rams
and Chargers beginning in 2020.
Other uses considered for the Olympic plant site include residences,
stores and so-called creative offices that are often fashioned from former
industrial buildings.
Such offices have become especially popular in the Arts District, where
companies such as Warner Music, music streaming service Spotify and online
coupon firm Honey have staked out new digs. Exclusive private club Soho
Warehouse recently opened on Santa Fe Avenue not far from the printing
plant.
Tenants in creative fields are oftentimes skipping over the downtown
financial district and going straight to the Arts District, said real
estate broker Brittany Winn of Cushman & Wakefield, who was not involved
in the sale. The problem is, there is a limited supply of the cool,
creative buildings they are looking for.
--
"LOCKDOWN", left-wing COVID fearmongering. 95% of COVID infections
recover with no after effects.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Donald J. Trump, cheated out of a second term by fraudulent "mail-in"
ballots. Report voter fraud: ***@mail.house.gov
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.