August 11, 2016
Tribune Media agreed to sell Times Mirror Square and the Olympic Printing Plant in DTLA to Canada’s Onni Group for an undisclosed price. The deal was disclosed in a government filing this week.
In June, Tribune entered a preliminary agreement with Onni to sell the 750,000-square-foot Gordon B. Kaufmann-designed asset. The building opened in 1935, and could be valued at more than $100 million.
The $230-million, 55,700-square-foot Olympic printing facility, located near the DTLA Arts District, opened in 1990.
Tribune Media is divesting real estate holdings, as it works to stabilize the company and generate revenue since spinning off newspaper assets in 2014. Additional assets are being sold in Baltimore, Chicago, and Denver.
Eastdil Secured handled the transaction that is expected to close during Q3 2016.
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