The Tribune Tower Is Going Up For Sale
By Kate Shepherd in News on Oct 8, 2015 8:45PM
Looking to invest in some prime real estate with a major historic significance? The Tribune Tower on Michigan Avenue is up for sale.
Tribune Media has hired Eastdil Secured, a real estate investment banker, to start exploring ways to monetize the tower and its adjacent land through an outright sale or partnership, the company announced in a statement Thursday.
"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 from a broad range of private and institutional investors and developers," Murray McQueen, President of Tribune Real Estate Holdings, said in a statement.
Tribune Real Estate unveiled a plan last year to redevelop the property with residential, retail and hotel components that potentially tripled the tower's space, according to the Tribune. The building currently offers 737,000 square feet of space for the Chicago Tribune and other tenants but is zoned for up to 2.4 million square feet— which means they potentially could add floors.
"This property offers 100 linear feet more frontage on Michigan Avenue than Rockefeller Center has on Fifth Avenue in New York City," McQueen said. "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."
The Tribune Tower was built in 1925 and was named a Chicago landmark in 1989.