Tribune Media Completes Sale of Tribune Tower, Other Assets

NEW YORK (AP) — Tribune Media has completed the sale of several real estate assets, including the Tribune Tower in Chicago.

The Chicago-based company announced last month that it was selling the 1925 neo-Gothic tower to CIM Group. The sale is part of Tribune Media Co.’s ongoing efforts to sell its entire $1 billion real estate portfolio.

Tribune Media said Wednesday that it also closed on the sale of Los Angeles Times Square and Olympic Plant.

It has received $430 million in gross proceeds for the assets, and may receive up to an additional $45 million in contingent payments.

Tribune Media has now sold nine properties this year for gross proceeds of $519 million.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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