Business

Tribune Tower on the block?

Posted June 25, 2008 11:00 pm

Associated Press

Tribune Company says it's exploring a possible sale of its iconic headquarters on Chicago's Magnificent Mile while also eyeing ways of "maximizing the value" of buildings in Los Angeles.

The Chicago-based newspaper publisher says it's asking real estate firms to help it explore "strategic options for maximizing the value" of Tribune Tower and Times Mirror Square.

The company says it plans to maintain an "ongoing ownership position" in both properties.

Chairman Sam Zell earned a fortune as a real estate investor. He said Wednesday that both buildings are underutilized and that it's in the company's best interest to maximize their value.

Tribune Tower is a gothic 40-story building near the Chicago River that's home to the Chicago Tribune. The Times Mirror Square is a complex of five buildings in downtown Los Angeles.

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