Wednesday, June 25, 2008

For sale

Is it really such a surprise that the guy who made gazillions maximizing real-estate values is "willing to entertain offers for the company's prize real estate holdings" which include the Tribune Tower in Chicago and the Los Angeles Times Building?

There was speculation last August that Zell would sell off Tribune real estate. At the time, the LAT building was owned by the Chandler Family Trusts. That changed in April, when Tribune completed the purchase of real estate that included properties used by the Los Angeles Times, Newsday, Baltimore Sun and Hartford Courant.

Zell said today in a memo to employee-owners: "Our request for proposals, which is being issued today is likely to generate media attention and debate about what we should or should not do with the properties. Both Tribune Tower and Times Mirror Square are iconic structures, deeply intertwined with the history of this company.  But, they are also both under-utilized, and as employee-owners, it’s in our best interests to maximize the value of all our assets." Not that you have any say in the matter.

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