CIM Group buys Chicago office tower for $240m
Tribune Media Co. has agreed to sell Tribune Tower in Chicago to CIM Group for $240 million.
CIM will pay $205 million in cash when the sale closes and an additional $35 million at a later date. The sale is expected to close in third quarter 2016.
The 35-story tower totals 740,000 square feet of space. The tower has been home to the Chicago Tribune since it opened in 1925. The sale also includes a 36,000-square-foot development site located east of Tribune Tower, fronting Cityfront Plaza. Tribune Media unveiled conceptual plans in 2015 to redevelop the parcel, adding several buildings to maximize the space with residential, retail and hotel components. CIM did not release a statement on its plans for the office.
Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. In Los Angeles, the company sold the north b