Chicago’s historic Tribune Tower is reportedly for sale.
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In announcing the move, Murray McQueen, president of Tribune Real Estate Holdings, said of Tribune Tower: “The global renown of this building, its unparalleled location and development potential make this an incredible opportunity, and we are expecting a high level of interest”. The 36-story building sits on 3 acres (1.2 hectares), with 305 feet (93 meters) of frontage on Chicago’s famous shopping district on North Michigan Avenue, known as the Magnificent Mile.
To mark the 75th anniversary of the Chicago Tribune, McCormick held an worldwide design competition to create “the most lovely office building in the world”, with a $50,000 prize for the victor.
Tribune Media Co.’s iconic Tribune Tower is up for sale.
McQueen added that the building has more linear frontage along Chicago’s busiest commercial avenues than Rockefeller Center on Fifth Avenue in NYC.
Tribune Media spun off its publishing division, including the Los Angeles Times and other daily newspapers, a year ago to focus on its broadcasting business.
Tribune Tower, photographed in 2006.
Tribune Real Estate is also looking at redeveloping Times Mirror Square in Los Angeles and sites in Costa Mesa, Calif.as well as in Orlando and Fort Lauderdale, Florida, the Chicago Tribune reported on Thursday.
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“Our request for proposals, which is being issued today, is likely to generate media attention and debate about what we should or should not do with the properties”, Zell told employees in an e-mail. Tribune Company’s broadcast assets remain with Tribune Media.
