After narrowing the list of potentials buyers down to three, Tribune Media is reportedly close to finalizing a deal that would see its 1925 neo-Gothic high-rise sold to LA-based CIM Group and local partner Golub & Company. A source familiar with the deal tells Crain’s that the landmarked 26-story tower plus an adjacent non-landmarked property could fetch between $240 million to $250 million. If the transaction goes through, CIM will have beaten-out Oxford Capital Group and Riverside Investment & Development who were also mentioned on the Tribune’s short list of possible buyers.
The iconic office tower could see a renovation with a potential conversion to residences or hotel not ruled out. However, from a development standpoint, the most significant aspect of the deal involves opportunity for new retail fronting Michigan Avenue’s Pioneer Court and a surface parking lot located just east of the famous tower. Considering CIM is bringing nearly 1,100 rental units to Chicago across its new SCB-designed Block 37 and 1001 S. State apartment towers, could a future high-rise from Solomon Cordwell Buenz also be in the cards for the Trib’s undeveloped parking lot?
- Block 37 owner nears deal for Tribune Tower [Crain’s]
- Upcoming Tribune Tower Redevelopment Could See New Condos, Hotel [Curbed Chicago]
- The Tribune Considering Redevelopment of Landmark Tower [Curbed Chicago]
- Magnificent Mile archives [Curbed Chicago]