KTLA owner Tribune Co. has inked a deal to sell the station’s historic Sunset Boulevard studios and lot to Santa Monica-based M. David Paul Development, which plans to build an office tower on the site.

KTLA will continue to be housed on the site at 5800 Sunset Blvd., formerly home to Warner Bros.

As part of the deal, the developer will build state-of-the-art broadcast facilities into the ground floor of the office tower, as well as providing office space for Tribune Entertainment and other Trib divisions under a long-term lease.

The office tower project was approved by city officials back in 1990 as part of Tribune’s original plan to build the KTLA Entertainment Center on the lot. Jackie Goldberg, City Council rep for the area, hailed the plan to erect “a new signature building that will be the eastern gateway to Hollywood.”

Chicago-based Tribune Co. acquired the 12-acre property in 1988, three years after the company purchased KTLA. Originally known as Warner Sunset Studios, the lot was sold by Warner Bros. to Paramount Pictures in 1942. Par moved KTLA onto the site in 1955. Gene Autry’s Golden West Broadcasters acquired the property in 1964 as part of its purchase of KTLA from Paramount.

“We have had the privilege of maintaining and owning one of Hollywood’s important historical landmarks,” said Dennis FitzSimons, prexy of Tribune Broadcasting. “In evaluating our core business, it makes sense to turn the lot over to a company which specializes in property management and for KTLA to have a brand new digital facility as we go into the 21st century.”