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Mark Lacter isn't alone in predicting that Sam Zell would be lucky to get any value for the Los Angeles Times property in the Civic Center.
Downtown guru Tom Gilmore flippantly suggested that the building could be used "as a mausoleum for Sam Zell, or maybe a theme park. Call it 'the times of our lives.' "Then, he got serious: "It is virtually worthless as a piece of real estate, other than the L.A. Times ... Maybe in 20 years, when downtown is so overbuilt, and we are really dying for space. But we are still building out buildings in downtown. Someday, it will be a lovely shopping mall or something ... or maybe it could be sold to the government. .... The federal, state and local governments are constantly complaining about space."
That's from the Times' own news blog. Much more detail and analysis inside at Lacter's LA Biz Observed post.
© 2003-2009 • About LA Observed • Email the editor
| Bev Hills billionaire Ron Burkle has $56 million in loans against his two houses. The McCourts have borrowed $28 million on their properties.
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| Steve Jones, the self-proclaimed Sire of Wilshire (a nod to the physical address of his former home at Indie 103.1 FM), is back on the air!
| She gaped at me like I was living history -- Miss Jane Pittman come to put her withered lips to the "Young Only" fountain straw of ageism.
As newspapers and television pull back from investigative reporting, foundations and other organizations are beginning to fill the void. One of the most interesting is Accountable California, a project of Local 721 of the Service Employees International Union.
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