Neo-Gothic Chicago landmark Tribune Tower may be the next Tribune Co. property Sam Zell puts on the chopping block.

The Tribune Co. chairman and chief executive announced Wednesday he is looking for ways to “maximise the value of the headquarters building,” and would use proceeds from the sale to pay down the company's debilitating US$13 billion debts, the Chicago Tribune reported late Wednesday night.

“We are not rushing this process, and I can assure you we will not accept anything but full-market value for these assets,” Zell said in a statement; however, he didn't give specifics on the possible sale, the Chicago Tribune reported.

Zell is talking to real estate groups on how to best make money off properties owned by the Tribune and the Los Angeles Times. Requests for proposals from these firms went out Wednesday morning, a source told the Chicago Tribune. Payments on debts this year should be covered by money made from the $650 million sale of Long Island, New York-based Newsday to Cablevision Systems Corp. Meanwhile, next year's sizeable debt payment will hopefully be covered by the expected sale of the Chicago Cubs baseball team and its home base, Wrigley Field, also a major Chicago landmark, Zell has said, according to the Chicago Tribune report.

Zell took the Tribune Co. private in December 2007 through an $8.2 billion buyout deal, but unexpectedly steep drops in print revenue “have complicated Tribune Co.'s business plan,” leading to more cost-cutting measures than originally anticipated, according to the Chicago Tribune.

The Chicago Tribune occupies about 55 percent of the building, third-party tenants, including the CNN Chicago bureau, occupy part of the building and 35 percent of the tower is vacant.