Tribune Tower sold for $240M

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

CHICAGO – The Tribune Tower in Chicago has been sold.

The Tribune Company announced the sale Tuesday afternoon.

The iconic tower has been sold for $240 million to CIM Group Acquisitions, LLC.

President and CEO of Tribune Media Peter Liguori said in an email Tuesday afternoon CIM intends to “repurpose the tower.”

“Although we are selling the Tower, the operational headquarters of Tribune Media will remain in the city,” Liguori said. “As the buyer intends to repurpose the Tower, we will be transitioning our Chicago staff to new space over an extended period of months — likely in the second quarter of 2017.”

CIM Group Acquisitions, LLC is a Los Angeles-based developer.

According to the Chicago Tribune,  CIM acquired the Block 37 complex on State Street in 2012, and has several developments planned in the city including a  46-story apartment tower at 1326 S. Michigan Ave.  Earlier this summer, CIM also announced the purchase of 440 S. LaSalle St., a 39-story office building, for a reported $191 million. CIM is also building a 41-story residential tower at 1001 S. State St., in partnership with Golub.

-The Chicago Tribune contributed to this report.