The first real estate transactions of the Zell-owned Tribune Co. occurred this week. Most of the ink was spent analyzing the $130 million sale of the KTLA news properties in Los Angeles to Hudson Capital LLC.

However, further under the radar was the purchase of Los Angeles Times, Newsday, Hartford Courant and Baltimore Sun property from the Times Mirror Chandler Trust for $175 million. The sales exercised a below-market price option that was negotiated in 2006, part of a deal to disentangle the Tribune Co. from the Chandler Trusts. The sale, which should be completed in April, will be funded by the sale of the KTLA properties and will save the Tribune Co. about $22 million in rent.

Some of the Baltimore property is expected to be redeveloped as part of a mixed-use redevelopment called Harbor East, according to the Baltimore Sun. The Sun's headquarters on Calvert Street, meanwhile, have "generated strong interest," according to Stephanie Pater, director for real estate for Tribune Co.

Pater told Newsday the Tribune will sell off other "non-core" assets to reap the tax advantages of swapping properties of equal value.