Tribune Tower could be put up for sale

Tribune Tower is in play.

Tribune Co. Chairman Sam Zell told staff today the company is in discussions with "a number of real estate firms" to determine how to generate the most value from the neo-Gothic Michigan Avenue home of the flagship Chicago Tribune, an iconic bookend of the city's Magnificent Mile.

The company is also weighing its strategic options concerning the Los Angeles Times' downtown Times Mirror Square complex, another high-profile real estate asset.

"When we started this adventure together, I made a point of saying we would challenge traditional thinking, that there would be no sacred cows, and that we would do everything possible to maximize the value of our assets," Zell, who took control of Tribune Co. in December, said in a note to staff.

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