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Condominium owners at Century Tower accepted a $60M deconversion offer from Golub. The deal is the largest condo deconversion in Chicago, but it is likely the distinction will be short-lived.
Golub and its partner in the deal, USAA Real Estate, plan a multimillion-dollar renovation of the 292-unit tower at 182 West Lake, including adding a floor of amenities and upgrades to unit kitchens and bathrooms. The Art Deco Century Tower was built in 1930 as an office tower. It was converted to rentals in 2001, then converted to condos in 2006. The building is on the National Register of Historic Places.
Golub CEO Michael Newman said the planned upgrades to Century Tower will bring units up to date with the needs of today's modern downtown renter, and the building's location in the heart of the Loop made it a desirable investment opportunity.
Two other high-profile condo deconversions are in the works. In Lincoln Park, the owners of Kennelly Square, a 268-unit tower, agreed to a $78M deconversion offer last month. Condo owners at River City in the South Loop approved a $100M offer from Marc Realty Residential last December. Those deals are being finalized.
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