The Georgetown Company, a leading developer and owner of commercial, retail and mixed-use properties nationwide, announces a joint development project with Hearst Corporation to redevelop the landmark Herald Examiner Building into a dynamic property that will include a mix of creative office space, retail and restaurants. The unique building was built in 1914 and designed by Julia Morgan, the renowned architect who designed Hearst Castle.
The Herald Examiner Building adjoins two rapidly growing and resurgent neighborhoods, South Park and the Broadway Corridor, that are quickly becoming known as destinations for creative industries as well as upscale shopping and restaurants. The building’s noteworthy two-story lobby will be restored to its original grandeur, along with a complete renovation and restoration of the building.
Carl Muhlstein of Jones Lang LaSalle will lead the leasing effort for the renovated Herald Examiner property.
“The opportunity to participate in the downtown Los Angeles revitalization, in an area with rapidly increasing demand, is one we could not pass up,” said Michael Fischer, Vice President of Georgetown. “We’re excited to have the chance to restore and spotlight this historic building, and to do so in partnership with Hearst Corporation is a great privilege.”
“We look forward to collaborating with the experienced team at The Georgetown Company to restore and preserve the history of this beautiful building while bringing the Herald Examiner Building back to life for downtown LA,” said Stephen Hearst, Vice President and General Manager of Hearst Corporation’s Western Properties.
“The timely leasing opportunity will offer fully modernized interiors rebuilt to new creative standards,” said Muhlstein. “High ceilings, retail amenities, and 100-year old authentic finishes will adorn the project while a strong development team will ensure quality throughout.”
The South Broadway surrounding area has witnessed increasing demand for commercial space as high-end hotels, creative office tenants and retail spaces have opened over the past 24 months. The budding neighborhood is poised to become the epicenter of the downtown Los Angeles resurgence with additional upscale hotels, thousands of residential units, stores and restaurants planned to open within the next three years.
The Herald Examiner Building project is The Georgetown Company’s latest development in the Los Angeles area. The company is currently completing a $280 million multi-phase redevelopment of Sony Pictures Entertainment’s Culver City Studio Lot that is creating new office and production facilities, added amenities and improved public spaces. Previously in a joint venture with Paramount Pictures, Georgetown developed a theater and office buildings at the Paramount Pictures Studios on Melrose Avenue.
About The Georgetown Company
The Georgetown Company develops and invests in residential, commercial and mixed-use properties throughout the United States, with a focus on emerging neighborhoods in best-of-class locations. Led by CEO Adam Flatto and founded in 1978 by its Chairman Marshall Rose, Georgetown is a privately-held diversified real estate development company that is recognized for attracting long-term partners and creating popular destinations after carefully selecting properties and diligently nurturing them through all stages of development and ongoing operations. Georgetown is headquartered in New York City and currently owns and is developing properties in New York City, Los Angeles, Chicago, Columbus, OH, Boston, and Washington DC.
About Hearst Corporation
Hearst Corporation (hearst.com) is one of the nation's largest diversified media and information companies. Its major interests include ownership of 15 daily and 34 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; hundreds of magazines around the world, including Good Housekeeping, Cosmopolitan, ELLE and O, The Oprah Magazine; 31 television stations, which reach a combined 18 percent of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, HISTORY and ESPN; significant holdings in automotive, electronics and medical/pharmaceutical business information companies; a majority stake in global ratings agency Fitch Group; Internet and marketing services businesses; television production; newspaper features distribution; and real estate.