CIM, Golub To JV On Tribune Tower Acquisition
CIM Group has emerged as the potential buyer for Tribune Tower, and reports are that a deal could be finalized soon for the landmark tower, with a sale price ranging from $240M to $250M.
Tribune Media hired Eastdil Secured last October to market the building to prospective buyers. CIM emerged as one of three finalists last month, along with Oxford Capital and Riverside Investment & Management. CIM is believed to be JV'ing on the acquisition with Golub, according to Crain's. The two firms have also partnered on Marquee at Block 37, which opened a couple of weeks ago.
When a deal is inked, Tribune Tower will mark CIM's second major office building acquisition of 2016. The firm finalized a $191M deal for 440 South LaSalle that could exceed $200M, based on the building's future performance. [Crain's]
