LA Times Headquarters Off the Market

— Photo by TJ Sullivan —

First of all, since the Los Angeles Times headquarters was never really ON the market it's hard to justify saying it's now off.

Secondly, I'm no expert on bankruptcy law, but, having reported at length on a few sizable BK filings, I have to ask how in the world Tribune Co. could have hoped to legally liquidate any significant assets at this point in its bankruptcy proceedings.

Nonetheless, Chicago Business is reporting that the Los Angeles Times parent Tribune Co. has shelved its plans to sell the LA Times headquarters downtown and the Tribune Tower in downtown Chicago "because of cratering real estate prices and the company's late-year bankruptcy protection filing."

Here's a snippet from the story at Chicago Business:

Even in a good market, it would have been difficult to value the properties. Tribune Tower was completed in 1925 and contains about 526,000 square feet of usable office space. The five-building Times Mirror complex totals about 750,000 square feet and was built between the 1930s and the 1970s.

(via Romenesko and LA Observed)

— TJ Sullivan in LA