CHICAGO--(BUSINESS WIRE)--CIM Group and Golub & Company announced today that they have completed the acquisition of the 35-story, 740,000-square-foot Tribune Tower and a 36,000 square foot development site located directly to the east of Tribune Tower fronting Cityfront Plaza. The acquisition follows the August 26, 2016 announcement that CIM had reached an agreement with Tribune Media Company (NYSE:TRCO) to acquire the property.
“Tribune Tower is a signature asset for the community and for CIM Group,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “We take our responsibility as stewards of this landmark building very seriously, and will develop a plan for the property that respects the history of the tower and maintains its prominence as a part of the overall project.”
The property, which includes the Tribune Tower and a surface parking lot, is currently zoned for a mix of uses that includes office, hotel, residential and retail. CIM is exploring various options that are appropriate for this evolving neighborhood. The company will collaborate with Alderman Reilly and the community in creating a plan that serves the needs of the community.
Completed in 1925, the neo-Gothic Tribune Tower is a Chicago Landmark. As an experienced owner and manager of historic properties, CIM will work to maintain the historic integrity of the building while undertaking a repositioning that will also add to the overall vibrancy and value of the area.
“Tribune Tower is not only a Chicago icon, it also carries enormous potential as a well-located real estate investment,” observed Michael Newman, President and CEO of Golub & Company. “In our decades of ownership along the Magnificent Mile, this is one of the most historically important opportunities we’ve seen. We’re happy to be a part of a team that will bring this important piece of Chicago’s history into the 21st Century using a thoughtful and creative approach to the property and the adjoining site.”
CIM identified and qualified Chicago as possessing the attributes that fit its investment model that focuses on established and emerging urban areas with solid infrastructure, transportation networks as well as significant private and public investment. The company has been active in the market, acquiring, developing and repositioning commercial real estate assets, and growing its portfolio which today totals approximately 2.6 million square feet.
In August, the company acquired 1326 S. Michigan Avenue and development air rights from adjacent properties in Chicago’s South Loop. CIM is co-developer for the assemblage which is entitled for the development of a 46-story, 500-unit apartment tower. In June, the company purchased a 1.04 million-square-foot, 39-story office building at 440 S LaSalle.
CIM’s Chicago investments also include Block Thirty Seven, a 275,000-square-foot five-level retail center in Chicago’s Loop that the company has repositioned, adding new tenants such as Latincity dining hall, AMC Dine-in Theatres and the recently-opened The Dearborn – an Urban American Tavern; Marquee at Block 37, a 34-story, 690-unit residential apartment tower the company developed atop Block Thirty Seven, which opened in June. Also in partnership with Golub & Company, CIM invested in 625 N. Michigan Avenue, a 27-story office building, and the recently-opened 1001 State Street, a 40-story, 397-unit apartment tower.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Metropolitan Washington DC Area, and Dallas. For more information, please visit www.cimgroup.com
About Golub & Company LLC
Since its founding more than 55 years ago, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners. It’s a reputation based on track record; Golub and its affiliates have owned, leased or managed more than 50 million square feet of commercial, mixed-use and multifamily real estate properties (inclusive of 45,000 residential units), valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com.