Tribune Media Agrees To Sale Of 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, in a deal valued at about $240 million. The transaction will not only see CIM and Chicago-based partner Golub & Co. take over the 740,000-square-foot landmarked Tribune Tower, but a prime development site to the east which now serves as a lowly surface parking lot. Built in 1925, the iconic building is 35 stories high and has almost 740,000 square feet of space.

Tribune Tower itself sits on a three acre parcel and although the building itself is over 700,000 square feet, the property, which includes an open lot next door, is zoned for up to 2.4 million square feet.

Built in 1925, Tribune Tower features 35 stories and almost 740,000 square feet.

Tribune said in October that it’d hired a real estate investment banker to explore a sale or partnership for redevelopment. He noted that the terms are “consistent with the $1 billion valuation of our [real estate] portfolio”. Earlier this year, the company announced that it had agreements to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los Angeles. Those sales are also expected to close in the third quarter of this year.

“1001 State Street brings contemporary residences to the district in the South Loop, a neighborhood that offers an eclectic mix of shopping, dining, cultural and entertainment options as well as access to the area’s regional public transportation network”, said Avi Shemesh, Co-Founder and Principal, CIM Group. It will receive $205 million at the closing, and could collect an additional $35 million if it fulfills what it describes as “certain conditions”. CIM’s investments in Chicago include Block Thirty Seven, Marquee at Block 37 and 440 S. LaSalle.