August 31, 2016
Los Angeles-based developer CIM Group reached an agreement with Tribune Media for the latter’s iconic 740,000-square-foot Tribune Tower at 435 N. Michigan Ave. in Chicago. CIM will pay $205 million in cash upon closing, and an additional $35 million at a later date.
The sale is anticipated to close by the end of September.
Tribune Tower was completed in 1925, and currently houses employees of Tribune Media and Tribune Publishing. CIM has not indicated what it will do with the building, or a vacant parking lot to the east that is part of the transaction. It is also uncertain if the Tribune tenants will remain or relocate. Local media indicated the two companies are examining alternative office space.
For comments, questions or concerns, please contact Amy Sorter