Golub Leases to Northwestern Memorial Hospital

GOLUB & COMPANY LEASES 150,000 SQUARE FEET TO NORTHWESTERN MEMORIAL HOSPITAL


Chicago, IL (April 10, 2007) – Chicago-based Golub & Company has signed a long-term lease for 150,000 square feet with Northwestern Memorial Hospital at Chicago’s 541 North Fairbanks, said Michael Newman, Golub & Company president and chief executive officer. The transaction is one of the largest office leases in recent years within downtown Chicago’s North Michigan Avenue submarket.

Golub & Company, in a joint venture with Wachovia Securities, acquired the 542,000-square-foot building last June. Situated within the burgeoning Streeterville neighborhood just two blocks east of North Michigan Avenue, the 30-story structure was approximately 30 percent vacant at the time of the acquisition. The lease with Northwestern Memorial Hospital absorbs nearly all of the building’s available space.

John Ferguson, Golub’s senior vice president of leasing and marketing, together the Golub leasing directors Debbie Nicholson and Peter Merrion, represented building ownership in the transaction, while Greg Gerber and Sarah Cogswell of The John Buck Company negotiated the lease on behalf of the hospital.

“As the owner of several major properties in Streeterville,” said Newman, “we’re impressed by the well-planned expansion of the hospital in our neighborhood. We’re pleased to be able to deliver the office space Northwestern needs at this time and to welcome this prestigious tenant to 541 North Fairbanks.”

Northwestern Memorial Hospital plans to occupy approximately 100,000 square feet by the end of this year and will move into the balance of the space by the end of 2008. The new offices will accommodate hospital financial departments and administrative functions now located in the nearby hospital-owned building at 676 North St. Clair.

Golub & Company has a long relationship with Northwestern Memorial Hospital. Several hospital-affiliated medical practices for years have been at Golub & Company’s 680 North Lake Shore Place, adjacent to the hospital campus.
“Since purchasing the building we’ve begun a multi-million-dollar capital improvement program,” said Ferguson, who is overseeing the Golub & Company leasing team assigned to the building. “By repositioning the building to be competitive with other Class A buildings, we expect to retain our high-credit existing tenants and continue to attract new tenants. Streeterville keeps getting better as an upscale, mixed-use commercial and residential district, and that’s very good for our leasing program.”


Completed in 1968, 541 North Fairbanks was originally named for its anchor tenant, Time-Life. Today the building’s other major office tenants include the Chicago Park District; Time, Inc.; International Survey Research; and Health Directions. Amenities include retail shops, a quick-serve restaurant, an ATM, a tenant conference room, fiber optic infrastructure, and superb city and lake views.
 
Chicago-based Golub & Company (www.golubandcompany.com) and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Overall, since its founding more than 45 years ago, the company has owned, leased or managed more than 30 million square feet of commercial and multifamily real estate properties. Golub & Company’s other investments in the Streeterville area include the commercial components of the mixed-use 680 North Lake Shore Place; The Streeter, a luxury apartment tower at 345 East Ohio Street, soon to be followed by an adjacent second tower; and the CBS Building at 630 North McClurg Court. Other Golub properties in Chicago include the John Hancock Center, 625 North Michigan Avenue, 225 West Washington and 33 North LaSalle.