Tribune Media Agrees To Sell Tribune Tower To CIM Group For Up To $240 Mln

(RTTNews) - Tribune Media Co. (TRCO) announced that it reached an agreement to sell Tribune Tower in Chicago to CIM Group for $205 million paid in cash at closing and an additional payment of up to $35 million contingent upon the satisfaction of certain conditions, for total consideration of up to $240 million.

The sale is expected to close in the third quarter of 2016. Built in 1925, the iconic building is 35 stories high and has nearly 740,000 square feet of space. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza.

Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million.

Earlier this year, the company announced that it had agreements to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los Angeles. Those sales are also expected to close in the third quarter of 2016.