June 27, 2016
Vancouver, Canada-based Onni Group is reportedly making plans to add a mix of uses at the Los Angeles Times complex. The private developer acquired the 750,000-square-foot asset for $120 million from the Chicago-based Tribune Media Co. earlier this month.
Onni is seeking to demolish parts of the property in order to add apartments at Broadway and First St. The firm also plans to add retail and office space along Spring St. The LA Times is a tenant in the building.
Onni, which owns five other CRE assets in LA totaling more than one million square feet, is reportedly contributing roughly $50 million to close the transaction, so it can proceed with redevelopment plans.
Eastdil Secured’s Stephen Somer is marketing the asset for Tribune.