CHICAGO—Officials from CIM Group and Golub & Co. said earlier today that they have completed their acquisition of the iconic Tribune Tower on Michigan Ave., along with a 36,000 square foot development site located directly to the east. The acquisition was first announced by CIM and the Tribune Media Co. on August 26.
A spokesperson tells GlobeSt.com that $205 million was paid in cash at closing and an additional payment of up to $35 million will be made contingent upon the satisfaction of certain conditions.
“Tribune Tower is a signature asset for the community and for CIM Group,” says 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.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
