Tribune Publishing sued for $4.8 million in missed rent payments as it exits Prudential Plaza

As the Chicago Tribune prepares to move from Prudential Plaza, the owner of the downtown office complex has sued the newspaper’s parent company for $4.8 million in unpaid rent. Property owner Sterling Bay filed the lawsuit against Tribune Publishing Tuesday in Cook County Circuit Court. The Chicago-based newspaper chain hasn’t paid rent since March, and the company’s letter of credit ran out of funds earlier this month, the suit alleges. The letter of credit was created when the lease was signed in October 2017, according to the complaint. A letter of credit establishes cash reserves that can …

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HEDGE accordingly