The Chicago Tribune’s former parent company, Tribune Media Co. is selling the Tribune Tower, one of the city’s most iconic skyscrapers. Los Angeles-based developer, CIM Group, has agreed to buy Tribune Tower for up to $240 million. The deal is expected to close by the end of September. Tribune Tower has been a part of Chicago’s skyline since the 1920s. The tower is considered as a gem of architectural and structural accomplishment. Built at the southern tip of Chicago’s Magnificent Mile, the neo-gothic tower is home to the Chicago daily newspaper. It was the winning design of a competition organized by the paper’s publishers, coinciding with the Tribune’s 75th anniversary. The latest sale would also include a 36,000-quare-foot development to the east of the tower, fronting Cityfront Plaza. Under the terms of the deal, CIM Group would pay $205 million in cash at closing, and an additional $35 million after certain conditions are met. The deal to sell Tribune Tower is the latest news in Tribune Media’s ongoing efforts to sell its entire $1 billion real estate portfolio. Tribune Media also has sold six smaller properties for about $90 million this year.
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