Home News International News Chicago’s iconic Tribune Tower sells for $240 million

    Chicago’s iconic Tribune Tower sells for $240 million

    847
    Iconic Tribune Tower in Chicago

    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.

    Source: chicagotribune.com
    Image source: pinterest.com

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here