CLIENT: CIM Group, Inc.
LOCATION: Chicago, Illinois
SERVICES: Property condition assessment
ASSET TYPES: Multifamily residential
Marx|Okubo was awarded the opportunity to assess the historic Tribune Tower (built in 1925 and designated as a historic landmark in 1989), along with the printing plant and three later property additions, totaling 736,800 \nsquare feet.
Our team represented the successful purchaser in evaluating the property condition, along with its potential for repositioning within the Magnificent Mile retail and office market. Marx|Okubo performed a top-to-bottom review, including the 34 tower levels above grade, one lower level at Lower Michigan Avenue and seven sub-grade basement levels. Tribune Media no longer needed the expansive space afforded by the property due to the global shift from print media to online content. Given the tower’s age and its landmark status, particular emphasis was placed on understanding key aspects of the property: ongoing maintenance of the facade cladding, the need to upgrade mechanical systems, and the modernization needs of the vertical transportation within the building. The assessment was performed within the context of a historical preservation and the potential adaptive reuse.
The challenge we met on this assignment was to successfully blend the architectural and engineering reviews with the realities of a well-known, significant historical structure positioned on a prominent site in one of the largest cities in America.