CHICAGO, IL - Chicago-based international real estate developer Golub & Company and USAA Real Estate announced 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."
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.
A team from Golub, led by Collin McKenna, negotiated the transaction on behalf of the joint venture. Terms of the deal were not disclosed.