New York brokers get nod to market L.A. Times building
Tribune Co. has picked two New York commercial real estate brokerages to market the Los Angeles 
Times building downtown and Tribune Tower in Chicago to investors, the company said today.
Cushman & Wakefield will look for buyers for The Times' historic headquarters at 1st and Spring streets in Los Angeles, and Eastdil Secured will attempt to sell the landmark Tribune building overlooking the Chicago River, said Stephanie Pater, director of real estate for Tribune.
Prices for the properties have not been set, Pater said, but The Times' headquarters was valued at about $150 million, and Tribune Tower might garner around $230 
million, according to industry trade publication Real Estate Alert.
Tribune announced in June it would sell the buildings to help pay down debt.
-- Roger Vincent
Photos: Getty Images
Questions? Comments? E-mail roger.vincent@latimes.com.
Why are you guys using brokers from NY? Just go to a strip mall in Orange County to find a mortgage broker. They'll get an illegal immigrant to buy the LA Times building on a stated income loan.
Posted by: Lou | July 29, 2008 at 04:35 PM
So far Sam Zell is sticking to the plan I outlined...
1) Sell HQ and have all reporters work from home, using laptop computers to file their stories...
NEXT
2) Outsource printing of the LA Times to a new plant to be built in Tijuana. Sell Times printing facilities.
3) Move advertising sales to a call center in India, then to Bangladesh when India becomes too expensive. Same with circulation.
4) Sell ad space on front page of LA Times
Posted by: William E. Jones | July 29, 2008 at 04:36 PM
Condo Conversion anyone?
Posted by: E | July 29, 2008 at 04:44 PM
E,
How bout a loft conversion.
http://www.thewestwoodblog.com
Posted by: Scott McIntosh | July 30, 2008 at 08:37 AM
I would love to see a sophisticated loft conversion of the Times building, along the lines of the Roosevelt renovation. Not too expensive, but classy enough to attract successful professionals in their mid 30s.
Posted by: TrojanDLA | July 30, 2008 at 09:54 AM
Eastdil Secured is technically a New York company, but their main office is in Santa Monica, and it is owned by Wells Fargo.
Posted by: David Raether | July 30, 2008 at 10:12 AM
Eastdil Secured is basically two guys that left Cushman & Wakefield South Bay a number of years ago.
Posted by: Uncle Billy Loves Naomi Klein | July 31, 2008 at 12:19 AM