CIM Group and Golub & Company announced today that they have completed the acquisition of the 35-story, 740,000-square-foot Tribune Tower and a 36,000-square-foot development site located directly to the east of Tribune Tower fronting Cityfront Plaza.
The acquisition follows the recent announcement that CIM had reached an agreement with Tribune Media Company to acquire the property.
“Tribune Tower is a signature asset for the community and for CIM Group,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “We take our responsibility as stewards of this landmark building very seriously, and will develop a plan for the property that respects the history of the tower and maintains its prominence as a part of the overall project.”
The property, which includes the Tribune Tower and a surface parking lot, is currently zoned for a mix of uses that includes office, hotel, residential and retail. CIM is exploring various options that are appropriate for this evolving neighborhood. The company will collaborate with Alderman Reilly and the community in creating a plan that serves the needs of the community.
Completed in 1925, the neo-Gothic Tribune Tower is a Chicago Landmark. CIM will work to maintain the historic integrity of the building while undertaking a repositioning that will also add to the overall vibrancy and value of the area.
“Tribune Tower is not only a Chicago icon, it also carries enormous potential as a well-located real estate investment,” observed Michael Newman, president and CEO of Golub & Company. “In our decades of ownership along the Magnificent Mile, this is one of the most historically important opportunities we’ve seen. We’re happy to be a part of a team that will bring this important piece of Chicago’s history into the 21st Century using a thoughtful and creative approach to the property and the adjoining site.”
CIM identified and qualified Chicago as possessing the attributes that fit its investment model that focuses on established and emerging urban areas with solid infrastructure, transportation networks as well as significant private and public investment.