Tribune Media May Sell Namesake Tower On Mag Mile

CHICAGO (AP) -- Tribune Media has announced it recently hired real estate investment banker Eastdil Secured to explore the sale or find a partner to help redevelop Tribune Tower, which sits on three acres along Chicago's Michigan Ave.

In a statement Thursday, Tribune Real Estate president Murray McQueen says the landmarked building and its location along Chicago's premiere retail street is expected to attract interest from "a broad range of private and institutional investors and developers."

The 36-story, neo-Gothic building houses the Chicago Tribune and other tenants. The building has 737,000 square feet, but the entire site is zoned for up to 2.4 million square feet.

Tribune Media spun off its publishing division, including the Los Angeles Times and other daily newspapers, last year to focus on its broadcasting business.