A Los Angeles-based company has agreed to buy the Tribune Tower in Chicago from Tribune Media. The Chicago Tribune reports that developer CIM Group will pay up to $240 million for the landmark building.
The sale marks “the end of media ownership for the historic North Michigan Avenue building and the beginning of a new chapter, likely as part of a mixed-use redevelopment,” the paper reports. “Chicago developer Golub & Co. partnered with CIM to buy the tower and adjacent property from Tribune Media. The deal, announced by Tribune Media Tuesday, is expected to close by the end of September, the company said.”
The neo-Gothic tower sits on 3 acres and has 737,000 square feet of space, but the property is zoned for as much as 2.4 million square feet.
The structure, built in 1925, “was designed by New York architects Raymond Hood and John Mead Howells, who won a contest held by Chicago Tribune co-publishers Robert R. McCormick and Joseph Patterson to create the newspaper’s headquarters. It was named a Chicago landmark in 1989,” the report notes.