Tribune Tower Taken Off The Market

Crain's Chicago Business:

Tribune Co. has scrapped plans to put the Tribune Tower up for sale because of cratering real estate prices and the company's late-year bankruptcy protection filing.

The media giant hired brokers last summer to sell the landmark tower as well as the Los Angeles Times' headquarters complex, known as Times Mirror Square, and had hoped to get marketing materials to prospective investors early this year. But the moribund real estate investment sales market prompted the company to shelve those plans, says Stephanie Pater, Tribune's director of real estate.

Read the whole story: Crain's Chicago Business

Comments

[BushBites]

So, is Zell going to start selling TV and Radio stations? Or is he going to keep those and get whatever he can for the papers?

Gotta hand it to the North Shore Corporate Sleazeballs who used to run the Tribune Company. They used all the political clout they could muster to build their little media mini-empire, then found a sucker to buy it right before the value collapsed.

[larry278]

Mr Zell has 2 business sites, in LA & Chicago, that have become white elephants, the Cubs, some newspapers which will fold, assorted other real estate in other locations that have lost value, a levereged loan or so, no funds to pay the loans. If Mr Zell had borrowed on the vigorish, his body with cement shoes & a lead life jacket would be in Lake Michigan now.

[BushBites]

Glad they're killing that stupid "Freedom Museum."

It was a mockery for a paper that supported Bush twice to run such an institution.

[Dissident Dexter]

Having been "downsized" (fired) by one of the people quoted in this column, I have no sympathy for the downturn in their market. It's kinda hard to feel bad for someone who gets twice my anual salary as a holiday bonus. Most of these dickheads vote republican and have no idea what it's like to work for a living.