After 93 years as Tribune Tower’s most famous tenant, the Chicago Tribune confirmed its upcoming move out of its eponymous Mag Mile building. The newspaper will move three blocks south of the river to One Prudential Plaza in the second quarter of 2018. According to Trib reporter Ryan Ori, the company will lease 137,000 square feet worth of space in the 41-story tower overlooking Millennium Park.
Forever associated with the paper and one of Chicago’s most iconic buildings, the neo-Gothic Tribune Tower was the winning submission from architects John Mead Howells and Raymond Hood in a design competition held in 1922. While the Michigan Avenue building was designated a Chicago landmark in 1989, its future is a little unclear at the moment.
The historic high-rise and a neighboring parking lot were sold last summer to LA-based developer CIM Group and Chicago-based partner Golub & Co. for $240 million. The the duo have yet to reveal their plans for the property, but it is speculated that a repositioning of the tower could include new office space, apartments, or even hotel rooms.
The building’s previous owner, Tribune Media, has made a major push to capitalize on its vast portfolio of release estate holdings. Last month, the company took the wraps off an ambitious plan to redevelop 37-acres of riverfront land in Chicago into a massive, mixed-use complex dubbed The River District. Yesterday, the company announced the sale of its former Los Angeles Times printing plant site for $65 million.
- Chicago Tribune leaving namesake tower by mid-2018 [Chicago Tribune]
- Tribune Tower and neighboring development sold for $240M [Curbed Chicago]