Officials of the Tribune Media news/talk station assured employees Tuesday they’ll continue to work out of the landmark neo-Gothic tower at 435 North Michigan Avenue despite their parent company’s agreement to sell the property in a $240 million deal with Los Angeles-based developer CIM Group.
“While this will require a move for many of our corporate co-workers based here, it does not immediately affect WGN Radio,” management wrote in a memo to staff. “We have a lease for our offices and studios on both the first and sevenths floors which runs through June of 2018. When the time is right, we’ll begin negotiations with CIM Group to extend our lease in this storied home of ours.”
It’s unlikely WGN will continue to occupy its street-level Allstate Showcase Studio overlooking Michigan Avenue and Pioneer Court once its current lease expires. But most of its facilities are located on the seventh floor since a major buildout was completed in 2012.
The future appears less certain for employees of the Chicago Tribune, who’ve occupied their namesake headquarters since 1925. For them it’s not a question of if but when they will move — and where.
Since Tribune Publishing (now tronc) was spun off from Tribune Media in 2014, the newspaper company has been the largest tenant of Tribune Tower. Its lease there runs through 2018.
The newspaper and its parent company have “no immediate plans to leave early,” tronc spokeswoman Dana Meyer told the Tribune Tuesday.