According to The Chicago Tribune, 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.
Tribune Media unveiled conceptual plans last year to redevelop the parcel, adding several buildings to maximize the space with residential, retail and hotel components.
Built in 1925, Tribune Tower was designed by New York architects Raymond Hood and John Mead Howells, who won a contest held by Chicago Tribune co-publishers Robert R. McCormick and Joseph Patterson to create the newspaper's headquarters. It was named a Chicago landmark in 1989.
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| Peter Liguori |
The deal to sell Tribune Tower is the latest news in Tribune Media's ongoing efforts to sell its entire $1 billion real estate portfolio. This month, the company said the Times Mirror Square building and Olympic printing plant in Los Angeles were under contract with nonrefundable deposits, and the transactions were expected to close in the third quarter. Tribune Media also has sold six smaller properties for about $90 million this year.
Tribune Media spun off its publishing division — including the Chicago Tribune, Los Angeles Times and other daily newspapers — in August 2014, retaining the broadcasting business and real estate portfolio.
As part of the sale and redevelopment, Tribune Media is planning to move out of its namesake building, but will remain in Chicago, Liguori said in a note to employees Tuesday.
Tribune Media may sell more than just its real estate. In February, the company hired financial advisers to explore a possible "sale or separation of select lines of business" in a bid to enhance shareholder value. Tribune Media's assets include 42 TV stations, national cable channel WGN America and Gracenote, its entertainment metadata business.
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