By: E&P Staff
The sale of the iconic Tribune Tower in Chicago took a step closer to reality this week as Tribune Co. hired a real estate firm to assess the future of the cathedral-like landmark.
Tribune’s director of real estate, Stephanie Pater, confirmed in a Chicago Tribune story by reporter Robert Manor that the heavily leveraged Chicago media giant had chosen Eastdil Secured to consult on the Tower.
Possible options include not only a sale, but a joint venture with another company, and redevelopment of the property, Pater told the Tribune.
Tribune Co. also hired Cushman & Wakefield to look into the alternatives for its Times Mirror Square, the downtown home of The Los Angeles Times, Pater said.
The Chicago Tribune report quoted real estate analysts as estimating Tribune Tower, constructed in the 1920s after a national architectural competition, could fetch as much as $350 million.
Tribune has been looking at numerous assets sales to draw down its nearly $13 billion in debt, much of it taken on to fund the going-private deal engineered by Chicago real estate mogul Sam Zell, now its chairman and CEO.