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Clear Channel Outdoor to Relocate to Harbor Gateway Center.

Business Editors


Genesis LA Economic Growth Corporation and Clear Channel Outdoor today announced that Clear Channel Outdoor will move its Los Angeles headquarters to a site in the Harbor Gateway neighborhood, in the Harbor Gateway Center being developed by Boeing Realty Corp.

"This deal is a win on many fronts, especially for the community around Harbor Gateway," said Genesis LA CEO Marci Wiseman. "Genesis LA could not have brought this deal together without the commitment of Boeing Realty Corp., the help of Mayor Hahn, and the desire of Clear Channel to remain in Los Angeles."

"Clear Channel was courted by a number of cities, and we are extremely pleased that this facility will remain in Los Angeles," said Mayor Jim Hahn.

"It is with mixed emotion that the management and staff of Clear Channel Outdoor announce the relocation of their facility from downtown LA's Pico Union neighborhood, where we have conducted business since 1921," said Greg McGrath, Clear Channel Outdoor's President for the Western Region. "But we appreciate efforts by both the Mayor and Genesis LA to help us find a suitable location in the city for our new home."

Terms of the transaction were not disclosed. Clear Channel will begin construction in the near future and plans to move into its new offices by July 2003. Clear Channel's Los Angeles operation employs 170 people. Its current property has been selected by the school district for construction of a high school.

The new Clear Channel headquarters will be located at the corner of Harborgate Way and Knox Street. Harbor Gateway Center is a 170 acre master-planned, mixed use business park in the city of Los Angeles. The site was formerly owned by McDonnell Douglas Corp. and became part of The Boeing Company portfolio with the acquisition of McDonnell Douglas by Boeing.

"Boeing Corp. is committed to the economic revitalization of communities where Boeing has long had a presence," said Philip Cyburt, president of Boeing Realty Corp. "transforming underutilized real estate assets into vehicles for creating new jobs and bringing communities to life is one of Boeing Realty Corp.'s strategic goals," Cybert said.

Genesis LA Economic Growth Corporation is a wealth creator -- for businesses, communities and investors. A non-profit organization, it is supported by tax deductible donations and public and private grants. Clear Channel Worldwide, headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio and television stations, outdoor displays and entertainment venues in 64 countries. Including announced transactions, Clear Channel operates approximately 770,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world.

Boeing Realty Corporation, a wholly owned subsidiary of The Boeing Company (NYSE:BA), directs all real estate strategies, acquisitions and dispositions, development and leasing worldwide for The Boeing Company.
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Publication:Business Wire
Geographic Code:1USA
Date:Nov 14, 2002
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