New York real estate developer Atlas Capital Group LLC bought the Los Angeles Times printing plant in downtown Los Angeles from Harridge Development Group LLC for about $240 million, the publication reported, citing people who know about the deal.
The Times' lease will expire at the end of 2023, the publication added, citing CoStar Group.
The 26-acre plant, built in the 1980s, contains roughly 660,000 square feet of manufacturing and distribution space and about 15 acres of open space for parking and truck loading, in addition to offices and a train dock. Harridge retained a minority ownership in the property, the publication noted.
A spokesperson for the Times declined to comment on company plans to print the paper in the following years, while Atlas officials declined to talk, and Harridge did not respond to requests for comment by the Times regarding the sale or about their plans for the plant.