{"id":9082,"date":"2015-10-08T19:30:02","date_gmt":"2015-10-09T00:30:02","guid":{"rendered":"http:\/\/www.robertfeder.com\/?p=9082"},"modified":"2015-10-08T19:50:15","modified_gmt":"2015-10-09T00:50:15","slug":"back-on-the-market-for-tribune-tower","status":"publish","type":"post","link":"https:\/\/robertfeder.dailyherald.com\/2015\/10\/08\/back-on-the-market-for-tribune-tower\/","title":{"rendered":"Back on the market for Tribune Tower"},"content":{"rendered":"
\"Tribune<\/a>

<\/a> Tribune Tower<\/p><\/div>\n

Maybe the current bosses will have better luck than their predecessors, but this isn\u2019t the first time in recent years they\u2019ve slapped a \u201cfor sale\u201d sign on Tribune Tower.<\/p>\n

Thursday\u2019s announcement<\/a> that Chicago-based Tribune Media<\/a> had hired real estate banking company Eastdil Secured<\/a> to \u201cbegin exploring strategic monetization alternatives for Tribune Tower and adjacent land\u201d was reminiscent of a similar declaration by Sam Zell, the real estate magnate who took Tribune Company private and dragged it into bankruptcy.<\/p>\n

In 2008 Tribune announced it had asked real estate firms to explore \u201cstrategic options for maximizing the value\u201d of Tribune Tower, the Gothic landmark at 435 North Michigan Avenue, as well as Times Mirror Square, headquarters of The Los Angeles Times.<\/p>\n

\"Sam<\/a>

Sam Zell<\/p><\/div>\n

\"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,\u201d Zell told employees in an e-mail. \u201cBoth Tribune Tower and Times Mirror Square are iconic structures, deeply intertwined with the history of this company. But they are also both under-utilized, and as employee-owners, it\u2019s in our best interests to maximize the value of all our assets.\"<\/p>\n

Zell\u2019s plans prompted outsiders to speculate about transforming the historic structure into what one called<\/a> \u201ca high-end condominiums\/retail palace.\u201d Another wrote: <\/a>\u201cJust imagine a penthouse suite with flying buttresses and gargoyles perched outside your bedroom window makes for a one-of-a-kind view, that\u2019s for sure.\u201d<\/p>\n

In the end there were no takers.<\/p>\n

Thursday\u2019s announcement quoted <\/a>Murray McQueen, president of Tribune Real Estate Holdings, who said: \u201cThe 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 from a broad range of private and institutional investors and developers.\u201d<\/p>\n

Added McQueen: \u201cWe 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Maybe the current bosses will have better luck than their predecessors, but this isn\u2019t the first time in recent years they\u2019ve slapped a \u201cfor sale\u201d sign on Tribune Tower. Thursday\u2019s announcement that Chicago-based Tribune Media had hired real estate banking company Eastdil Secured to \u201cbegin exploring strategic monetization alternatives for Tribune Tower and adjacent land\u201d... Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/9082"}],"collection":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/comments?post=9082"}],"version-history":[{"count":3,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/9082\/revisions"}],"predecessor-version":[{"id":9086,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/9082\/revisions\/9086"}],"wp:attachment":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/media?parent=9082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/categories?post=9082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/tags?post=9082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}