Tribune Media announced Monday that it has tapped Jones Lang LaSalle to lead the sale of nearly 25 acres of land in the revitalized Arts District, just east of downtown Los Angeles. The area, which includes seven acres of frontage property along Alameda Street, features a printing plant leased by The Los Angeles Times.
"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."
Tribune is also currently in the process of trying to sell two other prominent properties, Chicago’s Tribune Tower the north block of the Los Angeles Times Square property.