June 20, 2016
Vancouver, Canada-based Onni Group has entered a preliminary deal to acquire the L.A. Times building in DTLA from Tribune Media. Although the sales price has not been announced, sources close to the deal report it to be over $100 million for the 750,000-square-foot building.
If the deal goes through, Onni will reportedly redevelop the landmark building at 202 W. 1st St. into modern offices and retail, and potentially add residential units. However, the building’s layout and depth will likely provide a design challenge in its redevelopment process.
Onni has been active in downtown Los Angeles as of late. From Level DTLA, its 33-story furnished apartment building on Olive Street to its multiple office buildings, the company owns and manages a total of 6.5 million square feet of commercial real estate in North America.