Tribune Real Estate Holdings Seeks Development Partners for Properties at Two California Locations
Areas in Downtown Los Angeles and Costa Mesa Present Prime Development Opportunities
LOS ANGELES, Jan. 8, 2015 /PRNewswire/ -- Tribune Real Estate Holdings, LLC, a wholly-owned subsidiary of Tribune Media Company (NYSE:TRCO), today announced that it will seek development partners for properties it owns in two California locations, one in downtown Los Angeles and the other in Costa Mesa.
The property in downtown Los Angeles sits on a multi-acre site located at 202 West First Street and 213 South Spring Street in Los Angeles, and is known as Times Mirror Square. The property is adjacent to Grand Park and Los Angeles' City Hall, and represents an opportunity to create a vibrant mixed-use project at the intersection of the newly activated Civic Center and flourishing Broadway Corridor.
"The Times Mirror Square master plan promises to deliver a compelling urban project that includes the restoration of important buildings and the construction of complementary new buildings around a new metro rail station directly connected to four of the region's major rail lines," said Murray McQueen, President of Tribune Real Estate. "We look forward to identifying the best development partner to help us achieve the immense potential of this site and bridge two of Downtown LA's most dynamic districts."
The Los Angeles Times continues to occupy portions of the buildings along with other tenants.
Tribune Real Estate is also pursuing a partner to oversee development of a 21 acre site in Costa Mesa, CA, which is currently vacant. The site is located at 1375 Sunflower Avenue, bounded by Sunflower Avenue to the North, South Coast Drive to the South, Susan Street to the East and Harbor Boulevard to the West. The site, which previously served as printing plant and distribution facility for the Los Angeles Times, features a functional rail spur and a helicopter pad.
"The site has been a well-known part of the Costa Mesa landscape for over 40 years," said McQueen. "Costa Mesa is developing a strong identity as a cultural hub of Orange County and we are excited to be developing the site during this next chapter of civic vibrancy."
Tribune Real Estate will be engaging a brokerage house in the near term to assist it in finding a development partner for each of these projects.
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 71 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, 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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