Tribune Media to redevelop L.A. Times property

Tribune Media Co. is seeking partners to develop the property that includes the home of the L.A. Times newspaper.

Tribune Real Estate Holdings announced Thursday it was to redevelop property in downtown Los Angeles known as Times Mirror Square. It also wants to develop vacant property ion Costa Mesa, California.

“The Times Mirror Square master plan promises to deliver a compelling urban project that includes the restoration of important buildings,” said Murray McQueen, president of Tribune Real Estate.

Tribune Media in December worked out a $46.5 million sale and lease deal for property that included the printing plant for the Baltimore Sun newspaper.

Tribune Media, which owns TV and radio stations, was created in August when the broadcast and newspaper operations of Tribune Co. were split into separate, publicly traded companies. Tribune Media also kept the company’s real estate holdings.

Tribune Publishing operates newspapers including the Chicago Tribune, Los Angeles Times and the Baltimore Sun.