Tribune Media Sells Chicago's Tribune Tower for Up to $240M
Tribune Media has been selling off its real estate holdings all year, but the iconic tower is by far its biggest sale.
Tribune Media said Tuesday it sold the Tribune Tower in Chicago to CIM Group for $205 million in cash and an additional $35 million, contingent on certain conditions to be determined later.
Tribune Media, which owns 42 local TV stations and the WGN America network, has been selling off its real estate holdings all year, but Tribune Tower is by far its biggest sale. Previously, it sold property in South Florida, Seattle and Los Angeles.
"Tribune Tower has been a unique part of Chicago's skyline since the 1920s," Tribune CEO Peter Liguori said in a statement. "Nonetheless, monetizing the significant assets of Tribune Media's real estate portfolio is a strategic priority for the company."
The buyer, CIM, is a real estate investment firm with significant assets in Chicago.
"Tribune Tower is a prominent property with a rich history that has been a feature of the Chicago skyline for nearly a century," said CIM co-founder Avi Shemesh. "It's an area that, today, is attracting new businesses and residents."