Tribune Media, the owner of the Tribune Tower, has agreed to a $240 million deal with CIM Group, a Los Angeles-based developer, on selling the property and a parking lot space adjacent to the property.

“Tribune Tower has been a unique part of the Chicago’s skyline since the 1920s,” said Peter Liguori, CEO of Tribune Media, in a news release. “Nonetheless, the significant assets of Tribune Media’s real estate portfolio is a strategic priority for the company.”

Tribune Media took over the 737,000-square-foot neo-Gothic building and other real estates in 2014 after it split with Tronc, formerly known as Tribune Publishing.

On one hand, the Tribune Media has been selling off real estate all year, including the historical Los Angeles Times building in downtown L.A. and couple other properties in Seattle and South Florida . On the other hand, the CIM Group has been growing its footprint in Chicago since its 2012 acquisition of Block 37.

It is unclear what CIM Group plans to do with the historical building. Proposals of condominiums, a hotel and retail spaces were offered by different developers during the bid on the property.

“Tribune Tower is a prominent property with a rich history that has been a feature of the Chicago skyline for nearly a century,” said Avi Shemesh, co-founder and principal of CIM, in a news release. “It’s in an area that, today, is attracting new businesses and residents.”

The deal was announced on Tuesday, and it expects to close at the end of September, according to Tribune Media. CIM Group will pay $205 million in cash at the end of the sales, and another $35 million after certain conditions are met.