Le Lézard
Classified in: Business
Subjects: TNM, JVN

Golub & Company And USAA Real Estate Joint Venture Acquires Century Tower


CHICAGO, March 1, 2018 /PRNewswire/ -- Chicago-based international real estate developer Golub & Company and USAA Real Estate announced today that they have formed a joint venture and acquired Century Tower. A vintage, luxury Chicago high-rise, Century Tower is located at 182 W. Lake Street and currently includes 292 residential condominiums in the heart of Chicago's Loop. Built in 1930 and on the National Register of Historic Places, the building was converted from office to multifamily rentals in 2001, and then converted to condominiums in 2006. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces to offer them as rental apartments.

Chicago-based Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners.

"Century Tower's desirable location in the midst of the downtown business, dining, and shopping district, coupled with its historic charm, offered a unique investment opportunity," said Michael Newman, president and CEO, Golub & Company. "Our planned renovations will bring the units up to date with the needs and desires of today's downtown renter, and offer a unique, historically-preserved luxury apartment option for them in the heart of the Loop."

A team from Golub, led by Collin McKenna, negotiated the transaction on behalf of the joint venture. Terms of the deal were not disclosed.

Century Tower is located one block from the Chicago River, and its proximity to the CTA Clark/Lake station provides access to all of downtown Chicago, as well as the rest of the city. The building is known for its grand lobby, featuring deeply-veined Numidian marble walls and Napoleon gray marble floors, bronze elevator doors, and Art Deco architectural flourishes. Planned renovations will preserve these elements, re-orient the resident entrance through this grand lobby, update residential units with new contemporary finishes and technological improvements, and enhance the shared amenity spaces, including a fitness center, co-working space, game and lounge room, and roof deck.

About Golub & Company LLC
Since its founding more than 55 years ago, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners. It's a reputation based on track record; Golub and its affiliates have owned, leased or managed more than 50 million square feet of commercial, mixed-use and multifamily real estate properties, including 45,000 residential units, valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com

About USAA Real Estate
USAA Real Estate, with over $20 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.  The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties.  USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.  For more information, visit www.usrealco.com.

GOLUB & COMPANY
Patricia Agos
Akrete
773-758-5044

 

SOURCE Golub & Company LLC


These press releases may also interest you

at 07:10
D-Wave Quantum Inc., ("D-Wave" or the "Company") a leader in commercial quantum computing systems, software, and services, today announced financial results for its fourth fiscal quarter and year ended December 31, 2023. "Our momentum is...

at 07:10
Can-Fite BioPharma Ltd. , a biotechnology company advancing a pipeline of proprietary small molecule drugs that address oncological and inflammatory diseases, today announced financial results and clinical updates for the twelve months ended...

at 07:10
Better Home & Finance Holding Company ("Better" or the "Company"), a New York-based digitally native homeownership company, today reported financial results for its fourth quarter and full year ended December 31, 2023. "Through 2023 we navigated a...

at 07:10
Walgreens Boots Alliance, Inc. today announced financial results for the second quarter of fiscal 2024, which ended February 29, 2024. Chief Executive Officer Tim Wentworth said: "We're encouraged by our first quarter of U.S. Healthcare positive...

at 07:10
Through its year-end financial reports and 2023 Annual Report, Nouveau Monde Graphite Inc. ("NMG" or the "Company") publishes a positive progress report in advancing what is projected to be North America's first integrated source of natural graphite...

at 07:05
Mannatech, Incorporated , a global health and wellness company committed to transforming lives to make a better world, today announced financial results for its fourth quarter and year ended December 31, 2023. Fourth Quarter Highlights Fourth...



News published on and distributed by: