LOS ANGELES (AP) — The Los Angeles Times is moving out of LA.

Soon-to-be owner Patrick Soon-Shiong (soon-shong) told staffers Friday that the paper will abandon its iconic downtown headquarters this summer for a modern building under construction in suburban El Segundo.

The current Times owners sold the 1935 art deco building to a developer and have been leasing it. Soon-Shiong says that developer now wants to hike the rent by $1 million a month.

Instead, Soon-Shiong says the 800 employees will move to a new campus a dozen miles south — a 4.5-acre property with an eight-story headquarters that includes a Times museum gallery, event and retail space.

Soon-Shiong has agreed to buy the Times and the San Diego Union-Tribune in a $500 million deal that's expected to close this month.