Job search site CEO nabs $85M Bel Air compound, co-working companies get creative, and more… Los Angeles briefs
2300 Imperial Highway in El Segundo
New home of LA Times is revealed
Billionaire medical entrepreneur Dr. Patrick Soon-Shiong announced plans to move the 137-year-old Los Angeles Times from Downtown Los Angeles to El Segundo, a small city south of the Los Angeles International Airport that’s best known as a hub of aerospace and defense industries.
Soon-Shiong, who agreed to buy the Times in February for $500 million, made the announcement at a town hall-style meeting with staff on April 13, and the newspaper later announced it on its website.
The unassuming seven-story office building, at 2300 East Imperial Highway, is one of at least five buildings Soon-Shiong owns in the city. It’s currently being renovated to accommodate a newsroom on multiple floors, a cafeteria, retail shop, museum, studios and event spaces. The mission, he added, was “to create the most modern newsroom.” Soon-Shiong also said that the Times “[needs] to build a campus that is there for the next 100 years, not to lease a building.”
The Times has been at the Downtown building, which bears its name and is near many of the government institutions it regularly covers, since 1935.
Can the co-working craze last?
In Los Angeles, where the Entertainment and technology industries have bred an array of startups, co-working companies have also found their niche.
Across Greater L.A., these firms occupy about 3 million square feet of office space collectively, according to Cushman Wakefield’s Vincent Chang. This year alone, Cushman expects co-working companies to fill 364,000 square feet, with most leases lasting 10 to 12 years. But they have gobbled up space at a speed that leaves some brokers wondering whether supply will soon outpace demand.
“It’s become the flavor of the month,” NAI Capital’s Joseph Faulkner said. “There’s almost more than anyone 阿拉爱上海同城