Chicago-based Golub & Company, an international real estate investment and development firm, announced the acquisition today of 300 South Wacker, a 36-floor, class A office building, in a partnership with Boston-based real estate private equity firm Alcion Ventures. The new owners plan to expand on a 2014 renovation of the building with a focus on tenant experience and amenities.
"This area of South Wacker is poised for continuing high demand with the Union Station and Old Main Post Office redevelopments driving the neighborhood's transformation," said Michael Newman, CEO of Golub & Company. "Our renovation of 300 South Wacker will spotlight its attractive location and deliver the amenities and design today's workforce is seeking."
A team from Golub, led by Adam Short and Ania Najder, along with Alcion Ventures negotiated the transaction. The seller, Beacon Partners, was represented by JLL. JLL's Managing Director Keith Largayalso arranged financing for the deal through Deutsche Bank on behalf of the purchaser. Terms of the deal were not disclosed.
"This acquisition continues our strategy of investing in well-located value-added opportunities," said Mark Potter, Co-Founder and Partner of Alcion Ventures. "We're eager to bring a revitalized office option to Chicago businesses in this re-emergent area of the CBD."
The 536,000-square-foot property, originally built in 1971, boasts unobstructed 360-degree views of downtown Chicago and is located directly on the Chicago River. The building also features smaller footplates of 16,000 square feet, allowing small to mid-size companies to occupy full floors. Other amenities include 24/7 staffed security, a 17-car executive parking facility, a new destination dispatch elevator system, and a fitness center. Planned updates will focus on the lobby, indoor and outdoor common areas, and a new tenant amenity lounge.
"The office market in Chicago's central business district continues to be one of the strongest in the country, with limited opportunities to buy significant space along the coveted Wacker Drive corridor and extremely strong tenant demand," said JLL International Director Bruce Miller. "Our purchaser recognized the strength of the Chicago market and had confidence this strength will continue for years to come."
About Alcion Ventures
Founded in 2004, Alcion Ventures is a real estate investment manager with extensive experience of generating risk-adjusted returns for institutional investors through the active repositioning of assets across property types. Alcion's senior team have worked together for almost two decades resulting in a disciplined, thesis-driven investment strategy that leverages a deep network of relationships and targets seven major North American cities. Based in Boston, Alcion invests on behalf of major U.S. and international institutional investors including public and private pensions, endowment and foundations and high net worth individuals. For more information, please visit www.alcionventures.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, including 45,000 residential units, valued in excess of $10 billionlocated across the United States and internationally. Access more information by visiting www.golubandcompany.com.