July 30, 2019
A joint venture of Golub & Company and an unidentified family office has a deal to buy the leasehold interest in the Burnham Center at 111 W. Washington St., Crain’s Chicago Business reported. The 585,000-square-foot Loop tower is the headquarters of Grubhub.
Crain’s reported that a sale at roughly $140-per-square-foot would represent a modest increase from the property’s value when a venture of Alliance HSP bought it in 2013. Alliance paid $94.6 million for the 22-story property, according to Cook County property records. It split the land from the building itself, with the leasehold interest valued at $72.6 million.
Alliance put the leasehold interest on the market in March, seeking $100 million. The price the Golub partnership will reportedly pay falls short of that target, although the property‘s occupancy has increased from 80% in 2013 to 92% today, above the average for neighboring properties.
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