Chicago's landmark gothic-revival Tribune Tower is now being marketed by the Tribune Real Estate Holdings LLC, in the hopes of converting the famous tower into cash.
The Eastdil Secured was hired by the Tribune Real Estate Holdings LLC to market the 90-year-old property for possible sale or partnership with another entity. Murray McQueen, president of Tribune Real Estate Holdings, said that they are expecting a lot of offers for the landmark tower.
"We are expecting a high level of interest from a broad range of private and institutional investors and developers," said McQueen. "We see this as the future site of an exciting retail destination, surrounded by world-class adaptive re-use of the tower and additional mixed use development."
The Gothic Revival Tribune Tower that we see today is the result of one of the largest and most important architectural competitions in America.
According to Chicago Architecture Foundation, the international competition for the design to be used in building the Chicago Tribune's downtown headquarters was announced as part of the 75th anniversary of Chicago Tribune in 1922.
Among the 263 entries from 23 different countries, the Gothic Revival style of New York architects Raymond Hood and John Mead Howells, was the winning entry. The building was later on completed in 1925.
The Tribune Tower received the title of a Landmark on February 1, 1989.
In a report by Chicago Sun-Times, it has been said that the tower was studded with stones from famous sites all over the world. The stones were collected by their news correspondent in the fields. Rumors state that there are over 150 stones in the Tribune Tower from different notable landmarks, such as the Taj Mahal, the Colosseum, the Cave of the Nativity in Bethlehem, and a piece of steel recovered from the World Trade Center.
