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.
"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
SOURCE Golub & Company LLC