Tribune Co., the newspaper publisher taken private by Sam Zell in December, hired Stephanie Pater, a former executive at Kirkland & Ellis LLP, to manage its real estate and conduct a review of assets.
As director of real estate, Pater will assess properties and focus on reducing operating costs, the Chicago-based company said today in a statement.
Pater was ``instrumental'' in completing the sale last month of Tribune Studios in Los Angeles to Hudson Capital LLC for $125 million, Tribune said in the statement. The company plans to lease the site from Hudson for its KTLA-TV station.
Zell, chairman of Equity Group Investments LLC, became a billionaire through real estate ventures. He hired Gerald Spector in December as chief administrative officer to review Tribune's business units. Spector is a 35-year veteran of real-estate trust Equity Residential, founded by Zell. Besides Los Angeles, Tribune owns (TRB:US) newspapers and television stations in Chicago, Long Island, New York, South Florida and other locations.
``Sam has made it clear he wants to look at all our real estate with an eye toward maximizing its value,'' Tribune spokesman Gary Weitman said in an interview.
Pater, who previously worked for Dallas developer Trammell Crow Co., filled a position that had been vacant for about six months, Weitman said.
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