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Los Angeles Developer Buys Iconic Tribune Tower in Chicago

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CHICAGO (AP) — The iconic Tribune Tower on Chicago's Michigan Avenue will have a new owner.

Los Angeles-based CIM Group has agreed to buy the tower for up to $240 million. Chicago-based Tribune Media announced the deal Tuesday. It's expected to close by September's end. Officials didn't specify development plans for the 1925 neo-Gothic tower.

Tribune announced last year that it had hired a real estate investment banker to explore a sale or partnership for redevelopment.

The Chicago Tribune reports Tribune Media employees were told "operational headquarters" will remain in Chicago. Staff will be moved to a new space likely in the second quarter of 2017.

The deal is part of Tribune Media's ongoing efforts to sell its entire $1 billion real estate portfolio.

The tower was named a city landmark in 1989.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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