COSTA MESA, CA—A joint venture that includes SteelWave LLC has purchased the former L.A. Times building known as the Press here for $65 million from Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., and Kearny Real Estate. Kearny has worked with the City of Costa Mesa for the past two years to re-entitle and redevelop the 24-acre site, which, when built out, could be the largest creative-office campus in Orange County, partner Hoonie Kang tells GlobeSt.com.

“We successfully re-entitled the site to mixed-use commercial from industrial and more than doubled the FAR to allow more than 655,000 square feet of creative-office space,” says Kang. “While paying tribute to the storied past of the existing Times building, the open design and collaborative layout of the interior space in connection with the outdoor work and recreational spaces would create a one-of-a-kind office environment in the area.”

The sellers were represented by Rick Kaplan and Rob Lambert of Cushman Wakefield. Until its closing in 2010, the building on the property was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility and office. The 50-foot-tall steel-frame building will offer high-volume tenant spaces with tiered mezzanine levels. Redevelopment plans also include more than three acres of outdoor amenities and a 20,000-square-foot raised patio.

In a prepared statement Murray McQueen, president of Tribune Real Estate Holdings, called the Press “a jewel of a property.” The site is located at 1350 South Coast Drive, bounded by Sunflower Ave. to the north, South Coast Dr. to the south, Susan St. to the east and Harbor Blvd. to the west.

SteelWave is the owner of the newly rebranded “Hive,” which is located next door to the Press and home to the new Los Angeles Chargers practice facility.

In addition to Orange County, as we recently reported, Kearny has beefed up its San Diego staff and is looking for opportunistic and value-add properties to acquire in that market's Downtown and Mission Valley submarkets, as well as to improve upon its third-party management assets, SVP Jeffrey Givens told GlobeSt.com. The firm recently hired Sonia Miró as director of property management in the San Diego office to oversee its growing local portfolio.

SteelWave is the owner of the newly rebranded “Hive,” which is located next door to the Press and home to the new Los Angeles Chargers practice facility.

Instant Insights /

“Press” Could Be OC's Largest Creative-Office Campus

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