Existing zoning allows for a 175,000-sf office, residential or retail building to rise from the 12,342-sf site, says Field Enterprises' executive director Thomas M. Schroeder. The company, controlled by the Marshall Field family, is the former parent of the Chicago Sun-Times newspaper. "We felt an auction was the best way to sell this unique piece of real estate," Schroeder says.

Sheldon Good & Co. will employ the sealed-bid auction technique to sell Field Enterprises' sole remaining asset. The auction date will be announced later.

"The alternative development uses for this parcel should draw great interest, particularly since it is adjacent to the Chicago Sun-Times Building, which is slated for redevelopment by Donald Trump," says Sheldon Good & Co. chairman and CEO Steven L. Good.

Besides Trump's high-rise office and residential tower, John Buck Co. is planning a twin to its existing 30-story office tower about one block north at 505 N. State St. Meanwhile, the IBM building on the west side of Wabash Ave. also could be in play, as building owner Prime Group Realty Trust recently revealed its Downtown office building portfolio is drawing interest from buyers.