Month: September 2016

CIM Group and Golub & Company announced today that they have completed the acquisition of the 35-story, 740,000-square-foot Tribune Tower and a 36,000 square foot development site located directly to the east of Tribune Tower fronting Cityfront Plaza. The acquisition follows the August 26, 2016 announcement that CIM had reached an agreement with Tribune Media Company (NYSE:TRCO) to acquire the property.

“Tribune Tower is a signature asset for the community and for CIM Group,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “We take our responsibility as stewards of this landmark building very seriously, and will develop a plan for the property that respects the history of the tower and maintains its prominence as a part of the overall project.”

The property, which includes the Tribune Tower and a surface parking lot, is currently zoned for a mix of uses that includes office, hotel, residential and retail. CIM is exploring various options that are appropriate for this evolving neighborhood. The company will collaborate with Alderman Reilly and the community in creating a plan that serves the needs of the community.

Completed in 1925, the neo-Gothic Tribune Tower is a Chicago Landmark. As an experienced owner and manager of historic properties, CIM will work to maintain the historic integrity of the building while undertaking a repositioning that will also add to the overall vibrancy and value of the area.

“Tribune Tower is not only a Chicago icon, it also carries enormous potential as a well-located real estate investment,” observed Michael Newman, President and CEO of Golub & Company. “In our decades of ownership along the Magnificent Mile, this is one of the most historically important opportunities we’ve seen. We’re happy to be a part of a team that will bring this important piece of Chicago’s history into the 21st Century using a thoughtful and creative approach to the property and the adjoining site.”

CIM identified and qualified Chicago as possessing the attributes that fit its investment model that focuses on established and emerging urban areas with solid infrastructure, transportation networks as well as significant private and public investment. The company has been active in the market, acquiring, developing and repositioning commercial real estate assets, and growing its portfolio which today totals approximately 2.6 million square feet.

In August, the company acquired 1326 S. Michigan Avenue and development air rights from adjacent properties in Chicago’s South Loop. CIM is co-developer for the assemblage which is entitled for the development of a 46-story, 500-unit apartment tower. In June, the company purchased a 1.04 million-square-foot, 39-story office building at 440 S LaSalle.

CIM’s Chicago investments also include Block Thirty Seven, a 275,000-square-foot five-level retail center in Chicago’s Loop that the company has repositioned, adding new tenants such as Latincity dining hall, AMC Dine-in Theatres and the recently-opened The Dearborn – an Urban American Tavern; Marquee at Block 37, a 34-story, 690-unit residential apartment tower the company developed atop Block Thirty Seven, which opened in June. Also in partnership with Golub & Company, CIM invested in 625 N. Michigan Avenue, a 27-story office building, and the recently-opened 1001 State Street, a 40-story, 397-unit apartment tower.

About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Metropolitan Washington DC Area, and Dallas. For more information, please visit www.cimgroup.com

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 (inclusive of 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.

Link: CIM Group in Partnership With Golub & Company Acquires Historic Tribune Tower

Sienna, Streeterville’s newest apartment community, is now open—and it brings a long-awaited mid-rise option to this neighborhood dominated by high-rise towers. Chicago-based Golub & Company, together with Diversified Real Estate Capital, announced today that the first residents have moved into the six-story mixed-use apartment community at 423 Ohio Street. Sienna’s limited number of boutique rental apartments offer a spacious, contemporary loft design amidst the lively urban Streeterville neighborhood.

“Sienna puts residents in the center of one of Chicago’s hottest neighborhoods in a more intimate setting than a typical high-rise building,” said Golub & Company President and CEO Michael Newman. “Sienna’s relaxed yet upscale approach to city living stands apart in downtown Chicago and will draw new residents, particularly those seeking a non-high-rise option, to this popular area.”

Sienna includes five floors of apartments, with 10 residences per floor; the residential floors are complemented by one floor of ground-level retail totaling 5,600 square feet. Open Houses are scheduled for Tuesdays and Thursdays from 5:00 to 7:00 p.m., making a visit to Sienna easy after work.

The one- and two-bedroom floor plans feature oak-tone plank flooring throughout, exposed concrete ceilings, European-style frameless kitchen cabinetry, marble mosaic backsplashes, quartz countertops, stainless steel KitchenAid appliances, porcelain wall and floor tile in bathrooms, in-unit, full-size washer and dryer sets, USB ports in kitchens and bedrooms, and Nest Learning Thermostats.

Sienna’s amenities include a rooftop deck with grilling stations and lounge furniture, a fitness center, smartphone video intercom system, automated package pick-up system, bike storage, a dog run and pet grooming station, and Wi-Fi in common areas. The building was designed to meet LEED Silver certification. For more information about features and amenities, including floor plans, visit www.siennachicago.com.

Diversified Real Estate Capital is a joint venture partner in this development, with a team led by Mike Miller and Jeff Cherner, co-founders of Diversified Real Estate Capital. “Our investment strategy calls for multifamily developments in strong urban submarkets, with compelling market positioning,” explained Cherner. “We’re confident that the Streeterville neighborhood’s appeal coupled with Sienna’s boutique design will deliver strong investor returns.”

The architect for Sienna is Solomon Cordwell Buenz and the general contractor is Walsh Construction. Construction financing was provided by The PrivateBank as Agent and Sole Lead Arranger.

Link: Sienna Opening Brings Mid-Rise Luxury Living to Streeterville

Oak Park’s newest luxury apartment building, Vantage Oak Park, will welcome two tenants, both well-known in the Chicago area, to the first two floors of the building, which will fill the building’s commercial space. Cooper’s Hawk Winery & Restaurants and Edward-Elmhurst Health have signed leases at 150 Forest Avenue, according to the development group consisting of Atlanta-based Wood Partners, Chicago-based international real estate development firm Golub & Company, and the Village of Oak Park. These additions will further enhance the livability of the village’s popular downtown.

“We’re thrilled to bring Cooper’s Hawk Winery & Restaurant, a popular dining destination, and the healthcare providers at Edward-Elmhurst Health to Oak Park’s vibrant entertainment and business district,” commented Michael Newman, President and CEO, Golub & Company. “We believe these additions to downtown Oak Park will enhance the lives of Oak Park community members.”

Cooper’s Hawk Winery & Restaurant has signed a long-term lease for the entire ground-level space at Vantage Oak Park, plus an outdoor dining area. The Countryside, Illinois-based winery and restaurant chain, brings to Oak Park modern casual dining, which includes an extensive menu offering more than 75 items, full-service bar, private event space, and Napa-style tasting room and artisan market together in one space.

Edward-Elmhurst Health has signed a long-term lease for the entire second-level space at Vantage Oak Park to serve as an immediate care center and medical offices. Edward-Elmhurst Health is one of the largest integrated health systems in the Chicagoland area, with main hospital campuses in Elmhurst and Naperville, as well as locations across the western suburbs.

“The addition of these outstanding tenants reinforces the appeal of Oak Park as a commercial destination and Vantage Oak Park as a vibrant, mixed-use community,” said Wood Partners Chicago-based Director Clay Iman. “We are pleased to welcome two full-floor tenants who will further enrich downtown Oak Park by delivering an exceptional experience for the Oak Park community and our residential tenants.”

Vantage welcomed its first residents last month. The high rise development is 21 stories tall, featuring 270 luxury rental units, high-end amenities designed with style and convenience in mind, and a structured parking garage with 288 private and 300 public parking spaces, which are owned by the Village of Oak Park. Vantage is a transit-oriented development, conveniently located near both CTA and Metra stations, and provides for easy access into downtown Chicago whether by public transit or car.

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 (inclusive of 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.

Link: Vantage Oak Park Announces New Retailers

Vantage Oak Park, a 21-story, 270-unit high rise at 150 Forest Avenue, has welcomed its first residents according to the development group consisting of Atlanta-based Wood Partners, Chicago-based international real estate development firm Golub & Company, and the Village of Oak Park. The new luxury apartment tower, which is now Oak Park’s tallest building, offers incoming residents stylish design and superior amenities right in the heart of all that Oak Park’s walkable downtown has to offer.

“Oak Park offers residents a high quality of life in one the country’s most desirable suburbs along with easy access to Chicago,” commented Oak Park Mayor Anan Abu-Taleb. “Vantage brings the lifestyle of a downtown high-rise to the thriving local dining, shopping and cultural scene of Oak Park.”

“We’re thrilled to become part of the vibrant community of Oak Park with the opening of Vantage,” added Michael Newman, President and CEO, Golub & Company. “The livability of Oak Park’s downtown will be enhanced by the addition of residences that fit the needs of Millennials, young families and empty nesters alike, all of whom are looking for homes offering both convenience and luxury.”

The building, designed by the Chicago office of architectural firm Gensler, showcases stunning views of Oak Park and the iconic downtown Chicago skyline with floor-to-ceiling windows in the residences. The dynamic and inspired studio, one- and two-bedroom floor plans also feature plank flooring, stainless steel appliances, granite countertops, and in-apartment washer and dryer sets.

Residents will have access to shared amenities intended to promote collaboration, including a roof-top terrace with grills and fire pit, a fitness center, lounge, clubroom, and business center and conference room. Additionally, 24-hour self-service package pick-up, a smartphone video intercom system and a self-service pet wash are included to match the desires of targeted audiences.

“When envisioning Vantage Oak Park, we wanted to create a luxurious home for our future residents that encourages a sense of community and enhances our residents’ living experience,” said Wood Partners Chicago-based Director Clay Iman. “We’re pleased the combination of Vantage’s exceptional location and our whole team’s collaborative effort has resulted in a unique and beautiful asset that fully immerses residents in the culture of Oak Park.”

Vantage includes 25,000 square feet of retail space on the ground level and second floor fronting Lake Street, as well as a structured parking garage with 288 private and 300 public parking spaces, which are owned by the Village of Oak Park.

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 (inclusive of 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.

Link: Vantage Oak Park, 21-Story Luxury Apartment Tower, Now Open

Officials from Golub & Co. and its partner, Los Angeles-based CIM Group, say they have just opened their new 40-story multifamily residential tower at 1001 S. State St. in Chicago’s South Loop neighborhood. The Solomon Cordwell Buenz-designed glass and steel development has 397 luxury units and a host of technology-focused amenities. The building’s first residents will move in this month.

“The South Loop is one of Chicago’s fastest-growing and most-desirable neighborhoods,” says Golub president and chief executive officer Michael Newman. “1001 is destined to become the place for Chicago’s top innovators to live, work and collaborate.”

“Companies relocating from the Chicago suburbs to downtown are boosting employment in the city, while long commutes are motivating renters to move into the urban core,” according to a recent Apartment Market Research Report by Marcus & Millichap. “As such, apartments within an easy commute into downtown are highly sought after.”

The new building’s high-tech amenities include the Makerspace, a communal workspace where residents have access to the state-of-the-art Nomad 833 Pro CNC milling machine and a Glowforge™ 3D Laser Printer. Other amenities that should appeal to many in the technology start-up world include a co-working space featuring an interactive whiteboard technology presentation system, USB stations throughout the common areas, and a shared media and game room.

1001 South State also features more traditional amenities such as an outdoor pool and sundeck, an outdoor hot tub, a fitness center and a specialty yoga studio, a conference room, a bike share and repair room, a dog run and pet grooming area, a resident lounge and a terrace with cabanas and grilling stations, a birch grove, complimentary Wi-Fi in common areas, and automated package pick-up and dry cleaning systems.

“1001 State Street brings contemporary residences to the district in the South Loop, a neighborhood that offers an eclectic mix of shopping, dining, cultural and entertainment options as well as access to the area’s regional public transportation network,” says Avi Shemesh, co-founder and principal, CIM Group.

Link: 1001 South State Opens Up To Residents