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Downtown Chicago's Century Tower Sells for $60 Million

Golub, USAA Real Estate Close on Historic 292-Unit Condo Tower, Plan to De-Convert to Apts.
March 2, 2018
Golub & Co. and USAA Real Estate have acquired in a joint venture the historic Century Tower building in downtown Chicago for $60 million, or about $205,000 per unit.

Originally completed in 1930 and currently listed on the National Register of Historical Places, the 28-story high-rise was converted from office to apartments in 2001, and later to condominiums in 2006.

The new owners plan to de-convert the existing condominiums and revert the units back to rental apartments. The venture will also renovate the current units.

"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 at 182 W. Lake St. one block from the Chicago River near the CTA Clark/Lake station. Renovations to the vintage Art Deco building will include upgrades to the amenity space, which includes a fitness center, co-working space, game and lounge room, and roof deck, as well as a plan to re-orient the resident entrance through the building's renowned grand lobby.

Collin McKenna of Golub & Co. handled
negotiations on behalf of the acquiring venture.

Please see CoStar Comp #4150633 for more information on this transaction.
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