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'Chicago Tribune' Pulls Tower Off The Market

Tribune Co. hired brokers last summer to sell the landmark Chicago Tribune tower and the Los Angeles Times' headquarters complex, known as Times Mirror Square to raise cash. But the company has scrapped plans to sell the Tribune Tower because of cratering real estate prices and the company's 2008 bankruptcy filing.

Finding a buyer for the 940,000-square-foot tower in downtown Chicago would be unlikely in a market where no big downtown office building has sold since last July. Tribune's December bankruptcy-protection filing also was a factor in the company's decision because it would have complicated the sales process.

Even in a good market, it would have been difficult to value the properties. Tribune Tower was completed in 1925 and contains about 526,000 square feet of usable office space. The five-building Times Mirror complex totals about 750,000 square feet and was built between the 1930s and the 1970s. Currently, Tribune is seeking government tenants to lease vacant space in the Times Mirror complex, which is across the street from Los Angeles' city hall.



Read the whole story at Chicago Business »

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