Towering sale: An iconic piece of Chicago's skyline hits the market
Business
Towering sale: An iconic piece of Chicago’s skyline hits the market
A 36-story Chicago landmark, the Tribune Tower, is up for sale. Tribune Media Co. announced Thursday that it has hired real estate investment banking firm Eastdil Secured to explore a sale or find a partner to help redevelop the building, which is home to the Chicago Tribune. Tribune Media phrased the move as an exploration of “strategic monetization alternatives.”
[The listing is expected to attract interest from] a broad range of private and institutional investors and developers.
Tribune Real Estate President Murray McQueen
While the newspaper it housed has chronicled history over the years, the building itself is a monumental piece of history. News mogul Robert R. McCormick, known as the Colonel, became president of the Tribune Company in 1911. To mark the 75th anniversary of the Chicago Tribune, McCormick held an international design competition to create “the most beautiful office building in the world,” with a $50,000 prize for the winner. A renowned eccentric who directed Tribune editors to use his own system of spelling, McCormick requested secret doors and passages in case the building was ever stormed.
