Zell to entertain offers for Tribune Tower, L.A. Times building
Sam Zell, the real estate mogul who runs the Tribune Company, put out this stunner this morning: he's willing entertain offers for the company's prize real estate holdings, which include the Tribune Tower in Chicago and the Times Mirror Square complex here in Los Angeles, which many know as the Los Angeles Times building.
This from an e-mail Sam sent to me personally, as well as every other Tribune employee: "... we are in the process of asking a number of real estate firms to give us their best thinking on how we can generate more value from Tribune Tower in Chicago, and the Times Mirror Square complex in Los Angeles."
More: "We’ll be considering numerous options to maximize the value of these properties. While a near-term transaction is possible, we’ll be focusing on opportunities that allow for some level of ongoing occupancy in both buildings for the mid-term (defined as five years), for farther out (15 years), and beyond.
A RFP will go out to potential buyers today. And while the Times not being in the Times building was once unthinkable, with the quality of local coverage of Los Angeles in the print section having recently deteriorated so dramatically - even while the rest of the paper and the website have continued to improve - the print version of the Times has already ceased to be a credible local institution.