Tribune Media completes sale of Tribune Tower, other assets

Markets Associated Press

FILE - This April 25, 2016, file photo shows the top of the Tribune Tower on Michigan Avenue in Chicago. Tribune Media has completed the sale of several real estate assets, including the Tribune Tower in Chicago. Tribune Media said Wednesday, Sept. ... 28, 2016, that it also closed on the sale of Los Angeles Times Square and Olympic Plant. (AP Photo/M. Spencer Green, File) (The Associated Press)

Tribune Media has completed the sale of several real estate assets, including the Tribune Tower in Chicago.

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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.