T
he historic Chicago Daily News Building, a 26-story landmark on the city's riverfront since 1929, has been listed for sale as part of the liquidation of assets tied to its late owner, real estate billionaire Sam Zell. Equity Group Investments, Zell's firm, has hired Eastdil Secured to find a buyer for the building at 2 North Riverside Plaza. The listing is part of a broader effort to liquidate Zell's personal real estate portfolio following his death in May last year.

    The building, which was originally designed by Holabird & Root and served as the Chicago Daily News headquarters until 1978, is 54% leased with Equity Residential, a real estate investment trust previously led by Zell, as its largest tenant. The asking price has not been disclosed, but it's estimated to be around $65 million, based on a loan issued in 2016.

    Zell acquired the property in the 1970s and made several modifications, including adding a riverfront terrace that served as his personal retreat and meeting space. However, plans for significant redevelopments were shelved due to economic downturns and opposition from preservationists. The liquidation of Zell's assets also includes the recent listing of the Cobbler Square Lofts in Old Town and two Austin office properties.