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Tribune to Explore Strategic Options for Tribune Tower and Times Mirror Square
Company Issues Request For Proposals To Real Estate Firms
CHICAGO, June 25, 2008 -- Tribune Company today announced it will explore strategic options for maximizing the value of Tribune Tower, located in downtown Chicago, and Times Mirror Square, located in downtown Los Angeles. The company has issued requests for proposals (RFP) to several of the country’s leading real estate firms.
Tribune is seeking assistance in identifying various structures, development opportunities, and occupancy strategies for both properties. The company intends to maintain an ongoing ownership position in the Tower and in Times Mirror Square.
"Both Tribune Tower and Times Mirror Square are iconic structures, deeply intertwined with the history of this company," said Tribune Chairman and Chief Executive Officer Sam Zell in an email to employees. "But they are also under-utilized, and as employee-owners, it’s in our best interests to maximize the value of all our assets."
Property Overviews
Tribune Tower is 40 stories tall and has 940,000 square feet of usable space. The property also includes an adjacent parcel of land, approximately one acre in size, currently being used as a surface parking lot.
Times Mirror Square is a complex of five buildings with 750,000 square feet of usable space, located on one city block. The property also includes an adjacent parcel of vacant land, approximately two acres in size and a parking garage.
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TRIBUNE is America’s largest employee-owned media company, operating businesses in publishing, interactive and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel, Hartford Courant, Morning Call and Daily Press. The company’s broadcasting group operates 23 television stations, WGN America on national cable, Chicago’s WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune’s print and broadcast properties and extend the company’s nationwide audience. At Tribune we take what we do seriously and with a great deal of pride. We also value the creative spirit and are nurturing a corporate culture that doesn’t take itself too seriously. |
