Tribune Media Selects Broker to Sell Property in L.A. Arts District
Jones Lang LaSalle to Market Nearly 25 Acres, Including L.A. Times Printing Plant
23 Nov, 2015, 09:00 ET
CHICAGO, Nov. 23, 2015 /PRNewswire/ -- Tribune Media Company (NYSE: TRCO) today announced that it has hired Jones Lang LaSalle to manage its sale of nearly 25 acres of land in Los Angeles' revitalized Arts District, just east of downtown. The site includes a printing plant leased by the Los Angeles Times and seven acres of frontage property along Alameda Street.
"L.A.'s Arts District is an incredibly vibrant area and extremely attractive to emerging businesses looking for an exciting and creative environment in which to locate," said Murray McQueen, President of Tribune Real Estate Holdings. "This is one of Los Angeles' hottest areas for mixed-use retail and office development, and we're expecting a lot of interest."
McQueen continued, "This property offers seven acres that front Alameda Street and are ripe for development, as well as a long-term tenant in the Los Angeles Times with predictable, in-place rental income—a combination that will be very attractive to prospective buyers."
Tribune Media announced earlier this month that it decided to accelerate the monetization of its real estate portfolio. The Company is also currently engaged in an active sales process for two marquee properties, the north block of the Los Angeles Times Square property in L.A. and the Tribune Tower in Chicago.
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching more than 50 million households, national entertainment network WGN America, available in approximately 73 million households, Tribune Studios, and Gracenote, one of the world's leading sources of TV and music metadata, powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includes Chicago's WGN-AM, and the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media. For more information please visit www.tribunemedia.com.
SOURCE Tribune Media Company
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