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.
As of now, CIR Group has not made any official announcements as to what they’re planning for the property, although other developers over the years have prosed anything from a hotel and retail space to residential condos and apartments.
In all, the Tribune Tower includes close to 740,000 square feet, as well as a large parking lot that could help support just about any redevelopment imaginable, or even another separate tower that could replace the parking lot altogether. Another large-scale building would of course have to be approved by the city and clear some major hurdles, however.