Vancouver-based developer Onni Group has entered into a preliminary agreement to buy the Los Angeles Times building at 202 W. 1st Street from Tribune Media, with plans to redevelop the art deco-era landmark into modern offices and retail. Tribune Media first noted the deal that was in the works in a previous earnings press release, without disclosing the sale price; the landmark is worth more than $100 million, according to real estate experts cited by the Times. In the same press release, Tribune noted that a 2015 arranged deal to sell the property already fell through earlier this year, and while the Onni deal could still fall apart, Onni has progressed further in the sales process than the previous potential buyer. Eastdil Secured is representing Tribune Media in the deal.
"They [Onni Group] are really big believers in the future of downtown," said Justin Weiss, a senior associate with Kennedy Wilson, who was not involved in the deal. The Canadian real estate company has already made moves in the Los Angeles market, where it owns a Beaux Arts loft building on 8th Street, a 1926 office tower on 9th Street and three more modern office buildings in the area. The person familiar with the Los Angeles Times deal said Onni is interested in redeveloping the property into a collection of modern offices, retail and possibly some residential units. The newspaper still has a lease on the property until 2018, with two consecutive five-year options.
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