Tribune Co. puts L.A. Times building up for sale

Tribune Co. is putting its two most historic properties – the L.A. Times building and Tribune Tower in Chicago – on the block.

The company said it had sent out a request for proposals to “several of the country’s leading real-estate firms,” seeking to maximize the value of the sites, which are the headquarters of the Los Angeles Times and of Tribune, respectively.

“Both Tribune Tower and Times Mirror Square are iconic structures, deeply intertwined with the history of this company,” Tribune Chief Executive Sam Zell said in an e-mail to employees today. “But they are also underutilized, and as employee-owners, it’s in our best interests to maximize the value of all our assets.”

Zell, a real-estate billionaire, said the company would be focusing on options that would allow for “some level of ongoing occupancy in both buildings” by The Times and Tribune. He said the company was “not rushing this process, and I can assure you we will not accept anything but full market value for these assets.”

thomas.mulligan@latimes.com