The owners of the Costa Mesa creative office complex that holds the headquarters of the Los Angeles Chargers have picked up an even larger redevelopment site next door.
SteelWave LLC, a Foster City-based investor and developer, is part of an investment group that paid $65 million for former Los Angeles Times printing plant site in Costa Mesa, at 1350 South Coast Drive.
The site’s former owners, a partnership between a real estate subsidiary of Tribune Media Co. and Los Angeles-based developer Kearny Real Estate, said Thursday the sale closed.
Under the prior ownership group, the 24-acre L.A. Times site—across the street from the Ikea shopping center—was being prepared for a major creative office redevelopment, dubbed “The Press.”
Plans called for the existing 339,063-square-foot L.A. Times building to be turned into a three-story, open-air office in the first phase of redevelopment.
Additional ground-up office buildings are also eyed for construction on the property in future phases.
Plans for The Press have been in the works for about two years, although no significant construction is known to have taken place at the site. Kearney officials said this summer that work there could begin in earnest by early 2018.
“We believe strongly in this project and submarket and we have confidence that SteelWave will do an excellent job,” said Kearny’s managing partner Jeff Dritley, in a statement.
SteelWave’s property next door to the former Times site is a 180,000-square foot office complex that previously held the headquarters of Emulex Corp.
After buying it in 2015, SteelWave oversaw a creative redevelopment of the property, now called the Hive.
The Chargers occupy most of its space and have a practice facility on a portion of the campus.
Kearny and Tribune Media Co. were represented in the sale by Rick Kaplan and Rob Lambert of Cushman Wakefield.