Tribune Media Co., one of the biggest U.S. TV station owners, agreed to sell the iconic Tribune Tower to CIM Group for $240 million, part of a plan to use its real estate holdings to raise money.
Tribune Media will receive $205 million at closing and another $35 million contingent on meeting conditions it didn’t disclose, according to a statement Tuesday from the Chicago-based company. The sale is expected to close by Sept. 30. The parties didn’t disclose lease terms.
Tribune Media split off its newspaper business into a separate company in 2014 while keeping several prominent properties, including the homes of the Chicago Tribune, built in 1925, and the Los Angeles Times. The company said it’s getting prices for those properties, and others from Seattle to South Florida, that make its portfolio worth $1 billion.
“Monetizing the significant assets of Tribune Media’s real estate portfolio is a strategic priority for the company and we are extremely pleased with the outcome of this sales process,” Peter Liguori, Tribune Media’s chief executive officer, said in the statement.
CIM Group, based in Los Angeles, has an $18.8 billion portfolio, according to its website. Its other Chicago properties include Block Thirty Seven, a shopping and entertainment complex in the Loop.