The iconic Tribune Tower on Chicago's Michigan Avenue will have a new owner. Los Angeles-based CIM Group has agreed to buy the tower for up to $240 million. The deal, expected to close by September's end, was announced by Chicago-based Tribune Media Tuesday.
Tribune said in October that it'd hired a real estate investment banker to explore a sale or partnership for redevelopment. Officials didn't specify development plans for the 1925 neo-Gothic tower.
Tribune Media employees were told "operational headquarters" will remain in Chicago, but staff will be moved to a new space likely in the second quarter of 2017.
The deal is part of Tribune Media's ongoing efforts to sell its entire $1 billion real estate portfolio. The tower was named a city landmark in 1989.
