REAL ESTATE: TRIBUNE MEDIA SELLS TRIBUNE TOWER

LA-based 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.

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.

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http://www.chicagotribune.com/business/ct-tribune-tower-deal-0831-biz-20160829-story.html