Possible sale of Tribune and LA Times headquarters

According to reports from the Associated Press, the Tribune Company is exploring the possible sale of its headquarters on the Magnificent Mile in Chicago and buildings in Los Angeles. The company, based in Chicago, said it had asked real estate firms to explore “strategic options for maximizing the value” of Tribune Tower, a Gothic landmark completed in 1925, and Times Mirror Square, the headquarters of The Los Angeles Times.
“Both Tribune Tower and Times Mirror Square are iconic structures, deeply intertwined with the history of this company,” the company’s chairman and chief executive, Sam Zell, told employees in an e-mail message. “But they are also underutilized,” he said, adding, “It’s in our best interests to maximize the value of all our assets.”