Tribune Media Puts 25-Acre Arts District Property on Block
Chicago-based Tribune Media has put a 25-acre property in Downtown LA’s Arts District on the block and has hired JLL to sell it. The property includes the Los Angeles Times Olympic Printing Plant at 2000 E 8th St and seven acres of frontage on Alameda Street.
In announcing the sale, Murray McQueen, president of Tribune Real Estate Holdings, pointed out the Arts District is one of the hottest districts in Downtown LA for mixed-use retail and creative office development and appeals to emerging businesses looking for a creative work environment. He also noted the property comes with a long-term tenant, the LA Times.
The sale of the LA property is part of Tribune Media’s plan to accelerate monetization of its real estate portfolio, reports LA Biz. The company is also selling the north block of the LA Times Square property, as well as the iconic Tribune Tower in Chicago. The LA Times is a unit of Chicago-based Tribune Publishing, which was spun off from Tribune Media last year. [Biz]