Tribune Media Puts Historic Chicago Building up For Sale

Nam Y. Huh/AP
Tribune Tower on Michigan Avenue in Chicago

The 90-year-old Tribune Tower is home to the 'Chicago Tribune' newspaper.

Tribune Media said Thursday it is listing for sale its Tribune Tower, its 90-year-old building on Michigan Avenue in Chicago.

Home to the Chicago Tribune newspaper, the Tower is 36-stories high and sits on three acres of sought-after land in the midst of one of the city's most popular areas for shopping and dining.

Tribune Media, owner of 42 TV stations, the WGN America national network and other assets, spun off its publishing businesses that included the Chicago Tribune and Los Angeles Times newspapers last year, though it held onto a large portfolio of real estate.

The Tower was named a landmark in 1989 so it would presumably remain intact no matter who purchases it, but there is plenty of room for expansion. According to the Chicago Tribune, the Tower has 737,000 square feet of space but is zoned for 2.4 million square feet.

"This property offers 100 linear feet more frontage on Michigan Avenue than Rockefeller Center has on Fifth Avenue in New York City," said Tribune Real Estate Holdings president Murray McQueen. "We see this as the future site of an exciting retail destination, surrounded by world-class adaptive re-use of the Tower and additional mixed-use development."

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.

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.