Crain’s Chicago Business managing editor Ann Dwyer reports on a landmark real estate deal for the Tribune Tower.
In other local business news: United's stock is flying very high with the naming of the CEO’s co-pilot, Scott Kirby. And will customers swallow organic Gatorade?
Tribune Tower sold
The historic Tribune Tower has been sold for $240 million to the CIM Group which also owns Block 37. The Chicago landmark will transform from the home of its largest tenant Tronc (formerly known as Tribune Publishing) to actual condominium homes and possibly a hotel. Hundreds of Tribune employees will be moved to another location. The process to sell the iconic property has been in the works since October of 2015. Tribune Media expects the sale to close by the end of September.
United hires Scott Kirby
United Airlines CEO Oscar Munoz lands American Airlines President Scott Kirby as his number two man. United’s stocks soared 9.58 percent after Munoz hired him – making the company worth $1.5 billion more. Munoz also made other hiring moves in August to shore up his management team. United hopes these moves and a revamped board will lift profits and growth under Munoz.
Organic Gatorade?
PepsiCo’s Chicago-based Gatorade brand is introducing a new organic version of its signature sports drink called G Organic. Gatorade controls 70 percent of the $842 million sports drink market but is feeling competitive pressure from sales of coconut water. G Organic drops artificial ingredients and is comprised of just seven ingredients. Gatorade consulted with the USDA along the development process to ensure the drink was certified organic. The question remains whether health-conscious customers will drink it up.
More business stories:
Port of Chicago Privatization Plan Draws Critics
Aug. 29: The Port of Chicago is looking to privatize its operations. But while the site needs a massive infusion of cash and upgrades, is privatization risking another city asset?
Sox Fans Guarantee New Naming Rights for Ballpark Will Be Mocked
Aug. 25: The new name for U.S. Cellular Field is striking out with many White Sox fans. The story of how Guaranteed Rate Field came to be.
One Man’s Mission to Expand Composting in Chicago
Aug. 18: Meet an entrepreneur who is helping Chicagoans compost while growing his business–all by the seat of his bicycle.
