Chicago-based Golub & Co. has acquired 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 & Co. 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," Golub & Co. Principal, President and CEO Michael Newman said in a statement. "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.
Derrico added: "This transaction is part of the continuation of our strategy to dispose of the investments in our joint venture portfolio. 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 & Co. 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 in a statement. "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 & Co.'s Chicago-area office portfolio that includes 300 South Wacker Drive and 444 North Michigan Avenue grows to 3.5 million square feet.
