It’s time to smash the million-dollar piggy bank—the Tribune Tower is officially for sale.
No price has been named, but we can easily surmise the price tag for one of Chicago’s most beautiful buildings will reach into the hundreds of millions.
The 36-story tower is part of a package deal that includes the three acres on which it sits. A deal will be brokered by New York-based Eastdil Secured, Tribune Media announced Thursday.
Tribune Real Estate Holdings President Murray McQueen said in a statement, “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.”
The space will be undoubtedly fought over, and the area where it sits further developed. Plans were announced by Tribune Real Estate last year to gave the plot a face-lift, which included residential units as well as retail and hotel developments characteristic of the area. Those developments would increase use of the space threefold. Though zoned for up to 2.4 million square feet of use, the Chicago Tribune and other Tribune Tower tenants are only using 737,000 square feet.
Built in 1925, the neo-Gothic style skyscraper is on one of the most prized lots of Chicago’s iconic Michigan Avenue shopping district. It was designed by architects Raymond Hood and John Mead Howells after the pair won a contest held by the Tribune to design their offices. A total of 263 entries were accepted from 23 countries.
The Tribune Tower was named a Chicago landmark in 1989.