Tribune Media says it’s enlisted a land venture broker to investigate the offer of its Tribune Tower, its central command that sits on three sections of land along Chicago’s Michigan Avenue.
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We learned that Tribune Media lists for sale Chicago’s emblematic Tribune Tower on Thursday from the building’s owner.
Tribune Real Estate, a wholly owned subsidiary of Tribune Media, said Thursday it has hired Eastdil Secured to help it sell the Tower, or to explore other ways to monetize the historic building.
Tribune Real Estate President Murray McQueen said the building’s “unparalleled location and development potential” make it an enticing opportunity.
According to Chicago Architecture Foundation, the global competition for the design to be used in building the Chicago Tribune’s downtown headquarters was announced as part of the 75 anniversary of Chicago Tribune in 1922. New York architects Raymond Hood and John Mead Howells had the winning entry among 263 submissions.
Shaping Tribune Tower as a “destination” has been a goal within the company and leasing 13,000 square feet on the ground floor to Dylan’s Candy Bar in 2014 was a key step in that goal.
The Tribune Tower received the title of a Landmark on February 1, 1989.
McQueen added that the building has more linear frontage along Chicago’s busiest commercial avenues than Rockefeller Center on Fifth Avenue in NYC.
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Tribune Media spun off its distributed division, including the Los Angeles Times, a year ago to concentrate on its TV business. The company also has plans to redevelop Times Mirror Square in LA and other sites in Florida and California.
