The iconic Tribune Tower on Chicago's Michigan Avenue will have a new owner.
Los Angeles-based CIM Group has agreed to buy the tower for up to $240 million.
The deal, expected to close by September's end, was announced by Chicago-based Tribune Media Tuesday.
Tribune said in October that it'd hired a real estate investment banker to explore a sale or partnership for redevelopment. Officials didn't specify development plans Tuesday for the 1925 neo-Gothic tower.