POSTED: May 29, 2015 7:35 PM ET
EL SEGUNDO, Calif. — The Los Angeles Lakers have completed the purchase of five acres that will be the site of their new team headquarters.
The Lakers announced the completion of the deal Friday.
The new corporate headquarters will include their training complex, team offices and a 750-seat gym where the Lakers' D-League affiliate will play its home games.
The headquarters will be at the corner of Mariposa Avenue and Douglas Street in El Segundo, California, very close to the training complex they've occupied for the past 15 years.
Lakers President Jeanie Buss says the franchise loves El Segundo's proximity to beaches, diverse businesses and Los Angeles International Airport, which is just down the street.
The 16-time NBA champion Lakers' new building is expected to be completed by the spring of 2017.