Tribune Tower Sold For $240 Million; A Redevelopment on The Way?
Posted by Leo Clark. on
CIM Group has certainly made plenty of headlines in recent months with its new Marquee at Block 37 development, but reports have now surfaced that link the Los Angeles-based developer to a deal that could lead to a redevelopment of one of downtown Chicago’s most iconic and historic high-rises.
According to reports out of the Chicago Tribune and several other major media outlets, CIM Group has apparently reached an agreement to purchase the famed Tribune Tower for $240 million—a deal that seems to have been in the works for quite some time.
Over the next year or so, Tribune Media plans to move out several hundred employees, which could provide an opportunity for CIM Group to revamp the 33 story tower, which was originally completed back in 1925.
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