Golub puts historic Burnham Center up for sale
By alexandreTech
Golub puts historic Burnham Center up for sale
The historic Burnham Center in downtown Chicago, which has been home to the offices of Golub & Company since 1993, is now up for sale. The building, designed by renowned architect Daniel Burnham, features 21 stories and more than 1 million square feet of office space. It was completed in 1913 and is listed on the National Register of Historic Places.
The History of Burnham Center
Burnham Center was originally known as the Conway Building and served as the headquarters of the Chicago & Northwestern Railroad until the early 1970s. In the decades that followed, the building changed hands several times and underwent various renovations and updates.
In 1990, Golub & Company acquired the building with the intention of transforming it into a premier office space. The renovation was led by architecture firm Lohan Associates and aimed to preserve many of the building’s historic features while incorporating modern amenities and technology.
Today, the Burnham Center is one of Chicago’s most recognizable and iconic buildings, attracting a wide range of tenants from large corporations to small businesses.
The Sale Process
Golub & Company has hired commercial real estate firm CBRE to market and sell the Burnham Center. The firm will be responsible for finding a buyer and negotiating the terms of the sale.
According to sources, the building could sell for upwards of $200 million, making it one of the most expensive office buildings ever sold in Chicago.
Golub & Company has not disclosed why it has decided to sell the building at this time, but it is likely that the firm sees an opportunity to profit from the high demand for office space in downtown Chicago.
The Future of Burnham Center
While the future of the Burnham Center is uncertain, many experts predict that the building will continue to serve as a premier office space in downtown Chicago for years to come.
The building’s prime location, historic charm, and modern amenities make it an attractive option for businesses of all sizes and industries. Additionally, the recent surge in demand for office space in downtown Chicago has created a competitive market for commercial real estate, which could result in a high sale price for the Burnham Center.
Regardless of who ultimately buys the building, it is likely that they will see it as a valuable investment opportunity with significant potential for long-term growth and profitability.
The Impact on Golub & Company
For Golub & Company, the sale of the Burnham Center will represent a significant shift in its portfolio and strategy. The firm has been heavily invested in the building for nearly three decades and has worked tirelessly to maintain its position as one of the premier office spaces in downtown Chicago.
Despite this, Golub & Company is likely to remain a major player in Chicago’s real estate market, with numerous other high-profile properties throughout the city and a proven track record of success.
The sale of the Burnham Center could also provide Golub & Company with a significant boost in capital, which the firm could then reinvest in other projects and ventures.
The sale of the Burnham Center represents a major milestone in the history of both the building and Golub & Company. While the future of the building is uncertain, it is clear that the Burnham Center will continue to play a major role in Chicago’s commercial real estate market for many years to come.
For Golub & Company, the sale of the building is a chance to capitalize on the current demand for office space in downtown Chicago and potentially reinvest in other lucrative projects. Regardless of what the future holds, the Burnham Center will remain a testament to the city’s storied history and enduring legacy as one of the world’s great metropolises.
