Follow
Tribune Media plans to sell historic landmark, Tribune Tower.
In other news today, Murray McQueen, president of Tribune Media Real Estate, announced, during a press conference that Tribune Media, the broadcasting side of Tribune Company, employed the services of Eastdil Secured to explore other business ventures for the historic landmark. In other words, Tribune Media hires Eastdil Secured to sell Tribune Tower.
Tribune Media is to begin the process of alternative monetizations for Tribune Tower and the surrounding area. This is starting to sound more like Sam Zell’s declaration, the corporate magnate who acquired Tribune Company and dragged it into bankruptcy.
In the same press conference, Murray McQueen said that the historic landmark offers more than 100 linear feet on frontage on Michigan Avenue compared to the giant Rockefeller Center located on Fifth Avenue.
The Tribune Tower was declared a national landmark on the first of February 1989 and was the award winning design of architects Raymond Hood and John Howells. Hood and Howells presented their design in a worldwide design competition whose purpose was to find the most aweing design possible for creating a lovely office building. In 1925, the building was completed and opened for business.
Tribune Tower, adorning the heights of Chicago, is a jewelry of neo-gothic architecture. The building offers more than 700,000 square feet of space for the Chicago Tribune and its workers. Also, the blueprint for the building includes another 2.4 million square feet of usable space.
The Tribune Tower has been the home of Chicago Tribune since October 2015. Tribune also said that there will be a series of architectural changes. Although the plan is highly conceptual, they wish to extend office, residential, retail and hotel space by re-purposing the space now occupied by the parking lot. They will also focus on renovating many area of the historic landmark.
Also, the Tower is also the house for several trinkets collected by field correspondents from all around the world. Rumor has it that there are over 150 stones in the Tribune Tower from famous building around the world such as the Taj Mahal, the Coliseum, a stone from the Jesus’ birthplace in Bethlehem, and, as uncanny as it would seem, they even brought back a piece of twisted steel from the collapsed World Trade Center Towers.
Murray seems a great opportunity for development and wants to integrate the space inside and outside the historic tower with ever-changing 21st century.
Image source: www.c1.staticflickr.com
