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WEDNESDAY, NOVEMBER 25, 2009
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For Sale: Chicago Landmark

Tribune Tower may hit market as Zell looks to pay down debt on giant media company

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(Newser) – Saddled by debt from his acquisition of the Tribune Company media empire, billionaire Sam Zell may sell off the iconic Chicago headquarters of the Tribune newspaper, he said yesterday. The 83-year-old Tribune Tower could fetch $250 million, analysts told the Sun-Times, with Zell likely needing to assure a new owner that the newspaper would continue to occupy the building on a long-term lease to fetch maximum value.

Billionaire Sam Zell listens to a question on his purchase of the Tribune Company during a news conference at the Tribune Tower in Chicago on Dec. 20, 2007.
Billionaire Sam Zell listens to a question on his purchase of the Tribune Company during a news conference at the Tribune Tower in Chicago on Dec. 20, 2007.   (AP Photo)
New owner Sam Zell says he could sell the iconic Tribune Tower on Chicago's Michigan Ave.
New owner Sam Zell says he could sell the iconic Tribune Tower on Chicago's Michigan Ave.   (AP Photo)
Tribune Company said yesterday it's exploring a possible sale of its iconic headquarters on Chicago's Magnificent Mile while also eyeing ways of
Tribune Company said yesterday it's exploring a possible sale of its iconic headquarters on Chicago's Magnificent Mile while also eyeing ways of "maximizing the value" of buildings in Los Angeles.   (AP Photo)
The Wrigley Building and Tribune Tower, right, in Chicago are shown in this undated photo.
The Wrigley Building and Tribune Tower, right, in Chicago are shown in this undated photo.   (KRT Photos)
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