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Century City-based developer Kearny Real Estate Co is converting the former LA Times printing plant in Costa Mesa to creative space. The project is a JV of Kearny and Chicago-based Tribune Real Estate Holdings, a subsidiary of former LA Times owner Tribune Media, which still owns the property.
The $100M project will turn the 300k SF industrial facility into the type of hip work space that’s growing in popularity, but in short supply. There’s about 1M SF of creative office space in OC, but about 2M SF is in the works, JLL SVP Jay Nugent told the LA Times. The plan calls for open, collaborative workspace with 50-foot ceilings, a series of tiered mezzanines, and three acres of amenities, including volleyball courts, outdoor grills and seating, and a 20k SF covered patio. Called The Press, the new facility will display images of printing presses throughout the building.
Kearny doesn’t plan to start construction until there are tenants desiring at least 100k SF floor plates. While the average rate for premium office space in OC in $3.11 per SF, Kearny managing director Jeff Dritley expects the project to command rents more than $4 per SF. [LAT]
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