After years of speculation, it seems that the time has finally come: the Los Angeles Times will no longer call its namesake building home.

The paper's new owner, local billionaire Patrick Soon-Schiong, revealed to Times Journalists in a town hall-style meeting Friday that a relocation to El Segundo is in the works. The Times' longtime home, located at 1st and Spring Streets in the Civic Center, was sold to Vancouver-based real estate developer Onni Group in 2016. Soon-Schiong told his staff that the paper's management and Onni had been unable to reach a lease agreement, according to staff writer Carolina Miranda via Twitter.

In a subsequent Tweet, Miranda said that the move seems to be an "interim" solution until the Times can identify a permanent home. The paper's Downtown printing plant at Olympic Boulevard and Alameda Street in the Arts District has been floated as a possible location.

The announcement comes less than one year after the paper's previous owner, Chicago-based Tronc, Inc., nearly closed a deal to relocate to Aon Center - a Financial District high-rise.

With the Times likely on the move, Onni Group's path to a redevelopment has become clearer. The company submitted plans to the City of Los Angeles in 2016 to restore the historic components of the property along Spring Street and raze a 1970s expansion at Broadway to construct a pair of apartment towers.