Tribune Media inks deal to sell Tribune Tower to developer

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.