08 Oct Tribune Real Estate Explores Strategic Alternatives for Tribune Tower
Eastdil Secured to Market Building and Adjacent Property for Possible Sale/Partnership
Tribune Real Estate Holdings, LLC, a wholly-owned subsidiary of Tribune Media Company (NYSE:TRCO), today announced that it has hired Eastdil Secured to begin exploring strategic monetization alternatives for Tribune Tower and adjacent land. The historic 36-story building sits on three acres, with 305 feet of frontage on Chicago’s premiere street for shopping and entertainment, North Michigan Avenue.
“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,” said Murray McQueen, President of Tribune Real Estate Holdings.
McQueen continued, “This property offers 100 linear feet more frontage on Michigan Avenue than Rockefeller Center has on Fifth Avenue in New York City. We see this as the future site of an exciting retail destination, surrounded by world-class adaptive re-use of the Tower and additional mixed use development.”
Tribune Real Estate will explore all transaction options with a goal of maximizing proceeds to the company while creating a compelling mixed-use destination for the city.
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Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching more than 50 million households, national entertainment network WGN America, available in approximately 73 million households, Tribune Studios, and Gracenote, one of the world’s leading sources of TV and music metadata, powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includes Chicago’s WGN-AM, and the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media. For more information please visit www.tribunemedia.com.
MEDIA CONTACT:
Gary Weitman
SVP/Corporate Relations
312/222-3394 (office)
gweitman@tribunemedia.com
INVESTOR CONTACT:
Danielle DeVoe
Dir., Corporate Finance & Investor Relations
646/563-8296 (office)
ddevoe@tribunemedia.com