This time it’s the newsroom itself that’s the latest victim of the ongoing radical downsizing of the American mainstream media.
From the Los Angeles Times:
The Los Angeles Times building in downtown Los Angeles has sold to a Canadian developer, paving the way for the redevelopment of a historic property the paper has called home since 1935, according to a person familiar with the deal who was not authorized to discuss it publicly.
Onni Group of Vancouver has explored plans to turn the property at 202 W. 1st St. into a collection of creative offices and retail and residential units.
The Times reported in June that Onni had signed an agreement to buy the building, but the deal with Tribune Media officially closed Monday night, the source said.
Tribune Media in Chicago declined to comment. An executive at Onni Group did not return messages seeking comment.
Terms of the sale were not available.
Perhaps the building’s most impressive feature is it’s lobby, a testimony to the sense of exuberant power that once marked America’s leading metropolitan papers.
The newspaper has been diminished in recent years, most notably under the brief reign of Sam Zell [previously], the self-styled “grave dancer,” and one of America’s most ruthless landlords.
Zell gutted the paper’s pension fund, money he looted to bankroll his takeover, a short, brief reign marked by mass layoffs and reportorial rage.
The sale of the building trend across the country, as headquarters buildings are sold off to buttress faltering bottom lines.