Golub & Co., USAA Buy Chicago’s Century Tower
The joint venture plans to renovate the historic building and transform the existing 292 condominiums into luxury apartments.
By Roxana Baiceanu
A joint venture between Golub & Co. and USAA Real Estate has acquired Century Tower, a 292-unit high-rise located within Chicago’s Loop. Golub, which has recently bought another residential tower in the Gold Coast neighborhood, plans to convert the existing condominiums into rental apartments. Vice President Collin McKenna from Golub led the team of brokers negotiating the transaction terms.
The property is located at 182 W. Lake St., one block from the Chicago River and close to the CTA station. Completed in 1930 and converted from office into multifamily use in 2001, the building is included on the National Register of Historic Places.
The developers plans to preserve Century Tower’s historic elements composing the lobby—Numidian marble walls, Napoleon gray marble floors and bronze elevator doors—as well as the Art Deco architecture. In addition, the resident entrance will be re-oriented and all units will receive contemporary finishes and technological improvements. New amenities will include a fitness center, co-working space, a lounge room and roof deck.
Image via Google Street View