The Tribune Media Co. has announced on Tuesday that they are agreed upon a deal that they will be selling Tribune Tower to the CIM Group at a valued price of $240 million. Tribune Media and Chicago Tribune are now likely to leave their longtime stayed home at 435 N. Michigan Ave.
The Tower is a 35 storeyed building with a bug space of 740 thousand space. The sale includes the 36 thousand square foot development site at Cityfront Plaza.
Tribune Tower was on sale since October 2015.
Tribune Tower was on sale since October 2015. And finally, CIM Group agreed upon a rough deal with the Tribune Media Co. Tribune Media Co. will receive $205 million cash at closing. It will receive an additional $35 million if certain conditions are met.
Contributors: Chicago Suntimes