(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
CHICAGO-The Tribune Co. has hired the local office of Colliers International to find office tenants at its headquarters building, Tribune Tower, at 435 N. Michigan Ave. The exact number available is open for suggestion, Colliers’ Drew Nieman tells GlobeSt.com, but will start at more than 150,000 square feet.
He says that the media giant, which is still going through a bankruptcy started in December 2008, has said it will consolidate space at the 740,000-square-foot tower if a large tenant is interested in taking one or more of the large floor plates. “Since the dead time of 2008-2010 for office space in this submarket, including North Michigan Avenue, River North and the East Loop, we’ve started to see activity pick up again,” Nieman says. “You’re seeing movement especially by the technology companies, there’s a lot of discussion with Google looking for space.”
The space allotment will be negotiable with Tribune Co., Nieman says, with small leases available if that’s what the market dictates, but more space available if there’s demand. “This is one of the iconic buildings, this and the Wrigley building are the sentinels of North Michigan,” he says. While the tower was built in 1925, as a media building it’s wired for the 21st century, he says. Also, the tower has great views and caters to employee attraction by being in the center of a 24-7 environment.
A Tribune Co. spokesman said in a statement that the work by former broker JF McKinney is appreciated. “(We) feel that our move to Colliers International is the right one to make as we move forward in marketing our available office space at Tribune Tower,” he said. The spokesman tells GlobeSt.com that Mid-America is still the broker for the retail portion of the building, which recently scored a 25,000-square-foot Walgreens lease.
Jack McKinney, president and founder of the self-named firm, tells GlobeSt.com that he wishes the tower success, and will redirect resources to new opportunities. “Despite our very short tenure, we were delighted to re-launch this vintage, landmark facility to the marketplace,” he says.
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