Tribune won't sell iconic tower

Tribune Co. is giving up on plans to sell its iconic headquarters on Chicago's Magnificent Mile.

Tribune real estate director Stephanie Pater tells Crain's Chicago Business that the battered real estate market forced the company to abandon the idea of selling the Tribune Tower for now.

The gothic, 40-story building is home to the company's namesake newspaper, the Chicago Tribune, and WGN Radio.

Tribune is also setting aside plans to sell the Los Angeles Times' headquarters in downtown L.A.

The Tribune went private in 2007 in a heavily leveraged $8.2 billion buyout, and the building sales were intended to help pay down a $13 billion debt load.

A Tribune spokeswoman hasn't returned a message left seeking comment Wednesday.