New Tradition Media has acquired Downtown Chicago wall spectaculars and bulletin displays from Project Outdoor.
We understand that as part of the transaction, the parties have agreed to a joint venture for additional high-profile displays governing other existing high-profile sites in key Chicago neighborhoods like the Loop, West Loop, Wicker Park, and Logan Square.
Partner and Chief Operating Officer, Bret Richheimer said, “We are excited to expand our Chicago footprint. These new displays are terrific. These additions to our vast inventory will help us better serve our valued advertising partners that desire downtown coverage of the nation’s third-largest media market.”
New Tradition’s purchase includes premium wall spectaculars in River North and Lincoln Park. The deal also includes bulletin structures in River West and Goose Island—both of which will target the planned $1.7 billion Bally’s casino coming to Downtown Chicago. The world-class development will include 3,400 slots and 170 game tables, a 3,000-seat theater, a 500-room hotel tower, and outdoor park and music venue.
Johnsen, Fretty & Co., LLC acted as financial advisor to Project, while McGrath North Mullin & Kratz acted as legal advisor. Rheem Bell & Freeman, LLP acted as legal advisor to New Tradition in the transaction.