The former headquarters of the Herald Examiner newspaper will get a nearly $57M facelift.
On behalf of Georgetown Co., HFF has secured $56.4M in bridge financing for the redevelopment and renovation of the 100K SF historic building at 146 West 11th St. in the South Park neighborhood of downtown Los Angeles.
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"This announcement is a key step towards bringing back this iconic property in all its former glory,” Georgetown Vice President Michael Fischer said in a news release.
Built in 1914 by publishing tycoon William Randolph Hearst and designed by renowned architect Julia Morgan, the Herald Examiner building is known for its distinctive Spanish Colonial style.
The five-story building was home to its namesake, the Herald Examiner newspaper, from 1915 up to its closing in 1989. The building had been vacant since.
Georgetown took controlling interest in the property in 2015. The New York-based company owns the Herald Examiner building with Main Street and the Hearst Corp. The LA Times reported an affiliate of Arizona State University is also a part-owner after the university announced in August it had signed a long-term lease to occupy most of the 100K SF building.
ASU is expanding its presence in Los Angeles and plans to house several educational departments, including journalism, design and art, in the building.
ASU, which also has a satellite campus in Santa Monica, expects to begin occupying the downtown Los Angeles building in 2020.
JP Morgan provided the loan. HFF's debt placement team consisted of Todd Sugimoto, Jeff Sause and Spencer Richley.
CORRECTION, JAN. 23, 8:58 A.M. PT: A previous version of this story had an incorrect amount for the bridge loan. The story has been updated.
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