A 36-story Chicago landmark, the Tribune Tower, is up for sale. Tribune Media announced Thursday that it has hired real estate investment banking firm Eastdil Secured to explore a sale or find a partner to help redevelop the building, which is home to the Chicago Tribune. Tribune Media phrased the move as an exploration of "strategic monetization alternatives." The building sits on 3 acres along Chicago's Michigan Avenue. Here are some features of the historic edifice that make it significant:
MONUMENT TO 'THE COLONEL'
News mogul Robert R. McCormick, known as the Colonel, became president of Tribune Company in 1911. To mark the 75th anniversary of the Chicago Tribune, McCormick held an international design competition to create "the most beautiful office building in the world," with a $50,000 prize for the winner. A renowned eccentric who directed Tribune editors to use his own system of spelling, McCormick requested secret doors and passages in case the building was ever stormed.
SOMETHING OLD, SOMETHING NEW
Raymond Hood and John Mead Howells won the design competition, and their Gothic Revival building was completed in 1925. The crown of the building, illuminated by floodlights and reaching a height of 462 feet, looks like a Medieval European tower complete with flying buttresses. The sculptural details include grotesques and gargoyles.