Tribune Real Estate Holdings, LLC., a wholly-owned subsidiary of Tribune Media Company, is looking to sell the Tribune Tower and its adjacent land, according to a press release issued by Tribune Media.
The Tribune Tower is a 36-story building that sits on three acres and has 305 feet of frontage on North Michigan Avenue, the premiere street for shopping and entertainment in Chicago.
Developers have told the Chicago Tribune that interests in acquiring the prominent tower will likely be as high as the potential sale price.
The developers say that the price of Tribune Tower may top $100 million.
The Chicago Tribune reported that with the amount the building will potentially get from the sale, its use will likely be different from the original purpose when it was built 90 years ago.
The building's tenants, including the Chicago Tribune, will likely have to move and find a new home.
John Rutledge, president and CEO of Oxford Capital, told the Chicago Tribune that the location of the building will determine the use for it.
"Retail and residential are very compelling uses because those are arguably the most valuable, given that location," he said. "But hotel and/or office may have merit, too."
Murray McQueen, the president of Tribune Real Estate, said in the press release that the building's location and development provide an opportunity to monetize it.
"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," he said.
He adds in the press release that they see Tribune Tower as "the future site of an exciting retail destination, surrounded by world-class adaptive re-use of the Tower and additional mix use development."
Tribune Real Estate also stated in the press release that they have hired Eastdil Secured for the exploration of strategic monetization alternatives.
The company also said that they will be exploring all transaction options with a goal of maximizing proceeds and creating a mixed-use destination for the city.
