Sep
01
CIM Group to Pay $240M for Chicago Tribune Tower
ByThe sale of the iconic Michigan Avenue office building is expected to close in the third quarter.
Chicago Tribune Tower
Chicago—Tribune Media Co. continues to sell off its commercial real estate assets. The latest is its headquarters—the iconic Tribune Tower at 435 N. Michigan Ave. in Chicago. Tribune and CIM Group, which has been expanding its footprint in the city, have agreed to shake hands for approximately $240 million.
The agreement calls for Los Angeles-based CIM Group to pay $205 million in cash at closing and an additional payment of up to $35 million if certain conditions are met, for a total of $240 million, according to both companies. The sale is expected to close in the third quarter. In addition to the 35-story, nearly 740,000-square-foot building, the purchase includes a 36,000-square-foot development site located directly east of the Tribune Tower, fronting Cityfront Plaza…
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