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First Job Cuts, Now Sam Zell Wants to Sell LAT, Chi Trib Buildings

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According to a memo sent by Sam Zell to LAT and Chicago Tribune employees obtained by FishbowlLA, the debt-ridden Tribune Company is examining the possibility of selling the homes of both papers.

Partners,

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.

With those objectives in mind, 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.

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.

More here.

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