CHICAGO, Oct. 1, 2019 /PRNewswire/ -- Chicago-based Golub & Company, an international real estate investment and development firm, announced the acquisition today of Burnham Center, located at 111 West Washington in the heart of Chicago's Loop. The classic downtown Chicago tower completed in 1913 was the last building designed by famed architect and urban planner Daniel Burnham. Golub & Company will also assume management and leasing of the building, which includes the Chicago headquarters of GrubHub. Golub purchased the asset in a joint venture with The Family Office Company B.S.C. (c) (TFO), a global investment manager that has been targeting real estate opportunities from their offices in New York and other global financial centers for the past 15 years.
"As more companies relocate to or expand their presence in downtown Chicago, Burnham Center's ideal central Loop location and design legacy contribute to its enduring appeal," said Michael Newman, principal, president and CEO of Golub & Company. "We are pleased to add the iconic Burnham Center to our downtown Chicago portfolio and plan to honor its history as we ensure it continues to meet the needs of today's workforce."
Golub's acquisition team was led by Adam Short, vice president of acquisitions, and Ania Najder, director of acquisitions. The seller is an affiliate of Bryn Mawr, Pennsylvania-based Alliance Partners HSP, LLC, an affiliate of the Shidler Group. Peter Derrico, managing director of acquisitions and disposition for Alliance negotiated the transaction on behalf of the seller who was represented by Cushman & Wakefield. Financing was provided by CIT. Terms of the deal were not disclosed.
"This transaction is part of the continuation of our strategy to dispose of the investments in our joint venture portfolio," said Derrico. "We look forward to selling 300 West Adams at the appropriate time and successfully completing the life cycle of this venture."
The 22-story, 585,000-square-foot building boasts a light-filled design with rounded corners, plentiful windows and a central light well. Golub & Company plans to refresh the tenant amenities, which include a fitness center, private tenant lounge, and conferencing facilities. Ground-floor retail includes a mix of national and regional tenants.
"This was a rare opportunity to own a piece of Chicago history that also exhibits attractive investment fundamentals," said Short. "We expect companies from a wide range of industries to continue to flock to downtown Chicago for its talent pool and many amenities."
With the acquisition, Golub & Company's Chicago-area office portfolio that includes 300 South Wacker Drive and 444 North Michigan Avenue grows to 3.5 million square feet.
About Golub & Company LLC
Since its founding nearly 60 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.
SOURCE Golub & Company