Tribune Tower is for sale.
Tribune Real Estate Holdings announced Thursday the hiring of real estate banking company Eastdil Secured to start exploring strategic monetization alternatives for Tribune Tower and the adjacent land.
“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,” said Murray McQueen, president of Tribune Real Estate Holdings, a subsidiary of Tribune Media Company.
The 36-story building is located on three acres of land in Chicago, with hundreds of feet of frontage on North Michigan Avenue. Tribune Real Estate plans to examine all transaction options, with the hopes of achieving maximum proceeds to the company while creating a prime retail destination.