Dr. Patrick Soon-Shiong, with the famous Last Bookstore at 453 S. Spring Street (Credit: Wikimedia Commons, LastBookstoreLa.com)
With a historic move of its headquarters to the South Bay just weeks away, the Los Angeles Times is quietly opening a news bureau at the Spring Arts Tower in Downtown Los Angeles, The Real Deal has learned.
News of the outpost circulated on Twitter on Monday — the same day Dr. Patrick Soon-Shiong’s $500 million purchase of the 137-year-old newspaper closed.
A spokesperson for Soon-Shiong said the new space will accommodate about 40 journalists. The exact size of the lease remains unknown.
The publication will be joining the famous Last Bookstore at the property, as well as the Spring Arts Collective, media company Psychic Bunny, and cocktail bar Crocker Club.
The building spans nearly 194,000 square feet, and is located at 453 S. Spring Street, next door to the historic Trust building.
Soon-Shiong announced plans to purchase the newspaper from Chicago-based Tronc in February. Two months later, the billionaire medical entrepreneur said he would be moving the publication out of DTLA and into a building he owns in El Segundo. He cited a rent increase as the reason for the move.
The LAT currently occupies 250,000 square feet at the Times Mirror Square building in Downtown. Its lease is expiring this summer.
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