Tribune Media Company’s real estate arm closed Monday on the sale of the Los Angeles Times building to Onni Group at a price tag of at least $105 million, or $200 per square foot, the L.A. Business Journal reported.
The deal was about $15 million less than initially speculated. If the Vancouver-based developer could get certain parts of the Art Deco landmark property entitled for apartments, Onni could add an additional $10 million to the price.
A first deal was struck in December for $140 million, sources told the Journal, but fell through three months later. When Onni first jumped on board, the estimated price was $120 million.
Stephen Somer of Eastdil Secured marketed the property.
The compound at 202 West 1st Street includes a 1935-built structure along Spring Street that was later expanded in 1973 to include a brown building on its west side, as well as another adjoining tower built in 1948.
The Times is currently leasing eight of the 10 floors, and could opt to stay. But relocating is a choice as well, a spokesperson told the Business Journal in June. [LABJ] — Cathaleen Chen