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alp227

(32,006 posts) Tue Aug 30, 2016, 11:07 PM Aug 2016

Tribune Media inks deal to sell Tribune Tower to developer

Source: Chicago Tribune

Los Angeles-based developer CIM Group has agreed to buy Tribune Tower for up to $240 million, marking the end of media ownership for the historic North Michigan Avenue building and the beginning of a new chapter, likely as part of a mixed-use redevelopment.

Chicago developer Golub & Co partnered with CIM to buy the tower and adjacent property from Tribune Media. The deal, announced by Tribune Media Tuesday, is expected to close by the end of September, the company said.

Chicago-based Tribune Media announced in October it hired real estate investment banker Eastdil Secured to explore an outright sale or partnership to redevelop the neo-Gothic tower, which sits on 3 acres. The building has 737,000 square feet of space, but the property is zoned for up to 2.4 million square feet.

Tribune Media unveiled conceptual plans last year to redevelop the parcel, adding several buildings to maximize the space with residential, retail and hotel components.

Read more: http://www.chicagotribune.com/business/ct-tribune-tower-deal-0831-biz-20160829-story.html

4 replies

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Tribune Media inks deal to sell Tribune Tower to developer (Original Post) alp227 Aug 2016 OP

OH wow that is a landmark building in Chicago . There is open space next to it to expand Person 2713 Aug 2016 #1

Very cool. Wilms Aug 2016 #2

Also the OP link had a side story link about the architectural features . Check out Aesop's door Person 2713 Aug 2016 #3

Kinda sad, kacekwl Aug 2016 #4

Person 2713

(3,263 posts)

1. OH wow that is a landmark building in Chicago . There is open space next to it to expand

Reply to alp227 (Original post)

Tue Aug 30, 2016, 11:15 PM

Aug 2016

The neo gothic tower has little bits of rock from around the world added into the facade
http://www.chicagoarchitecture.org/2013/03/05/pictures-of-all-149-rocks-stuck-on-the-tribune-tower/

Wilms

(26,795 posts)

2. Very cool.

Reply to Person 2713 (Reply #1)

Tue Aug 30, 2016, 11:29 PM

Aug 2016

Thanks for posting that.

Person 2713

(3,263 posts)

3. Also the OP link had a side story link about the architectural features . Check out Aesop's door

Reply to Wilms (Reply #2)

Tue Aug 30, 2016, 11:37 PM

Aug 2016

http://www.chicagotribune.com/business/ct-tribune-tower-architectural-features-htmlstory.html

kacekwl

(7,013 posts)

4. Kinda sad,

Reply to alp227 (Original post)

Wed Aug 31, 2016, 10:36 AM

Aug 2016

my dad was a pressman for the Tribune and used to take me in the press room to see the paper printing process. The guys used to make me a paper hat and slip me a couple bucks. Good memories.

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