Tribune Tower Could Sell For $260M
We knew there would be no shortage of interest from buyers when Tribune Media put Tribune Tower on the market last October. Now it looks as though the company has narrowed the competition for the iconic Neo-Gothic building to three firms.
Two of those companies call Chicago home: Riverside Investment & Development and Oxford Capital Group. Both have been busy. Riverside is building a 54-story office tower in the West Loop, while Oxford's Londonhouse just sold to German firm Union Investment Real Estate for $315M last month, and it has more hotel and mixed-use projects in the works along Michigan Avenue.
The third finalist is also no stranger to Chicago. CIM Group, which is HQ'ed in LA, JV'd with Golub on Marquee, the new multifamily tower atop Block 37. Tribune could choose a buyer within a few days and the winning bid may fall between $230M and $260M, Crain's reports. Tribune Tower is an attractive value-add opportunity. Some of the bids for the building have included redeveloping an empty lot next door and adding a hotel or apartment tower to the structure. [Crain's]