Tribune Real Estate Announces Plan to Redevelop Chicago Property

CHICAGO, Sept. 16, 2014 /PRNewswire/ -- Tribune Real Estate Holdings, LLC, a wholly-owned subsidiary of Tribune Media Company (OTC:TRBAA), today announced that it intends to redevelop a seven-plus acre parcel of land located at 700 West Chicago Avenue in Chicago, and that it will run an RFP process to find a joint development partner for the project.  The property is adjacent to the Chicago River and represents a unique opportunity to re-imagine Chicago's riverfront.

"This is a fabulous opportunity to redevelop an underutilized piece of land with excellent river frontage at the junction of River North and the West Loop," said Murray McQueen, President of Tribune Real Estate.  "We will be looking for the right partner to assist us in creating something transformative for the neighborhood and the city of Chicago."

The property was formerly the site of an insertion plant that supported the printing operations of the Chicago Tribune.  The insertion plant ceased operation in late-2012 and is now vacant.

Tribune Real Estate will be engaging a brokerage house in the near term to assist it in finding a development partner that can most effectively facilitate achieving these goals.

Tribune Media Company (OTC:TRBAA) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching 50 million households, national entertainment network WGN America, available in 72 million households, Tribune Studios, and Tribune Digital Ventures, including the websites Zap2it and TVByTheNumbers, and Gracenote, one of the world's leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices.  Tribune Media also includes Chicago's WGN-AM, the national multicast networks Antenna TV and THIS TV. Additionally, the company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media.  For more information please visit www.tribunemedia.com.

SOURCE Tribune Media Company