Golub to Acquire 541 N Fairbanks

GOLUB & COMPANY ENTERS INTO JOINT VENTURE TO ACQUIRE 541 N. FAIRBANKS OFFICE BUILDING IN CHICAGO


Chicago, IL (June 26, 2006) – Affiliates of Chicago-based Golub & Company and Charlotte, North Carolina-based Wachovia Securities have entered into a joint venture to purchase 541 North Fairbanks, a 542,000-square-foot, 30-story office building located in downtown Chicago’s Streeterville neighborhood, said Michael Newman, president of Golub & Company. The seller was Chicago-based Capri Capital Advisors LLC on behalf of an institutional owner. The purchase price was not disclosed.

The acquisition is the first joint venture between Golub & Company and Wachovia Securities. Anglo Irish Bank Corporation plc provided financing for the acquisition. Golub & Company will handle leasing and management of the building.

“With about 20 percent of the office space available for lease, this property gives us an excellent repositioning opportunity,” said Newman. “We’re delighted that Wachovia recognizes the building’s potential and supports our vision for upgrading the retail and other common areas.” Newman said the venture plans to invest about $15 million in capital improvements to the property over the next three years.

Golub & Company’s Michael Goldman, senior vice president of finance and acquisitions, negotiated the transaction for the buyers. Bruce Miller and Peter Harwood of the Chicago office of Jones Lang LaSalle were the sole brokers in the transaction. Alasdair Cripps of Capri Capital Advisors handled the transaction for Capri.

Completed in 1968, 541 North Fairbanks was originally named for its anchor tenant, Time-Life. Today the building’s major office tenants are the Chicago Park District, Time, Inc., and Zenith Administrators. Amenities include retail shops, a quick-serve restaurant, an ATM, a tenant conference room, fiber optic infrastructure, and superb city and lake views.
 
Currently available office space ranges from 20,000 to 60,000 contiguous square feet. Golub & Company’s John Ferguson, senior vice president of leasing and marketing, along with Josh Crane, leasing director, will oversee the office leasing program. The building contains 13,000 square feet of retail area. For leasing information, call 312-440-8800.

“As the explosive commercial and residential growth in Streeterville continues, we believe the area will become more and more appealing to a wide range of office tenants,” said Ferguson. “The floor plate of 19,790 square feet is ideal for mid-size and larger tenants.”

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 Lake Shore Place at 680 North Lake Shore Drive; and The Streeter, a luxury apartment tower nearing completion at 345 East Ohio Street. Other Golub properties in Chicago include 625 North Michigan Avenue, 225 West Washington, 33 North LaSalle and 19 South LaSalle.

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM’s affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
Anglo Irish Bank is Ireland’s third largest bank and the fourth largest company listed on the Irish Stock Exchange. The bank operates in three core areas - business lending, treasury and wealth management. The bank’s success is firmly based on the commitment of its more than 1,500 employees located in eight countries. The group operates in North America through representative offices in Boston and New York offering a variety of financing options in the acquisition, construction or refinancing of all types of commercial real estate. For more information about Anglo Irish Bank, visit the company’s Web site at www.angloirishbank.com.