Tribune Tower no longer for sale

Tribune Co., in an effort to start climbing out of $13 billion in debt, set plans in motion last summer to sell the Tribune Tower in Chicago, as well as the Los Angeles Times' headquarters.
Now those plans are being shelved, as the staggering real estate market makes it difficult for the company to sell the property at a decent price, according to Crain's Chicago Business.

Finding a buyer for the 940,000-square-foot gothic tower at 435 N. Michigan Ave. would be unlikely in a market where no big downtown office building has sold since last July...
“Impossible,” Robert Six, executive vice-president with Chicago-based real estate investment firm Zeller Realty Corp., says of the tower’s chances of being sold any time soon.
He notes the site includes the tower and a one-acre parking lot. “It would take tremendous patience and deep pockets to be able to acquire the site and wait for the next uptick in the commercial real estate market.”

The sale of the Chicago Cubs, also pursued in an effort to pay down debts, is still moving forward.

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