Tribune Media Leaving Tribune Tower
In a move that's been anticipated since CIM Group's August acquisition of Tribune Tower, Tribune Media announced it would vacate the building that's been its home since it was built. Tribune Media's new offices: 303 East Wacker Drive, where the company expects to move by mid-2017.
The broadcast company signed a 61k SF lease for 303 East Wacker's 17th and 18th floors, according to longtime Chicago media reporter Robert Feder. The lease is a win for Hines, 303 East Wacker's owner, which retained HFF to seek buyers for the building in August.
CIM Group and Golub paid $250M for Tribune Tower and an adjacent parking lot. The JV agreed to pay another $35M if certain conditions are met. CIM is expected to seek a zoning change for the parking lot as it repositions Tribune Tower into a mixed-use, adaptive reuse play. [RF]