Tribune Tower Is for Sale
One of Michigan Avenue's most recognizable buildings is on the market. Tribune Media retained Eastdil Secured to court buyers for Tribune Tower, the Neo-Gothic structure at 435 N Michigan.
The 462-foot-tall building was built in 1925. It was designed by architects John Mead Howells and Raymond Hood, who won a competition to design a HQ for the Trib. Bricks from other buildings from around the world were inserted into the tower's construction, making Tribune Tower a popular sightseeing destination. The building was declared a Chicago landmark in 1989. In addition to the Tribune, the building is home to WGN Radio and CNN's Chicago office. The popular Howells & Hood restaurant opened there last year.
In addition to entertaining buyers, Eastdil will look at maximizing development opportunities for adjacent land owned by Tribune Media. This isn't the first time the tower has been considered for sale. In 2008, during Sam Zell's disastrous leveraged buyout, the company issued an RFP to real estate companies interested in buying the building. Since this was during the real estate market crash, nothing solid came to fruition. [CT]