CHICAGO—Chicago-based Golub & Company, aninvestment and development firm, has just acquired Oak BrookExecutive Plaza, a 389,000-square-foot office complex on W. 22ndSt. in west suburban Oak Brook, in a partnership withAlcion Ventures. The complex was originally builtin phases between 1968 and 1980, but Golub and Alcion plan toreposition it as high quality offices for corporate and creativefirms.

|

“We see an excellent opportunity to redevelop Oak BrookExecutive Plaza into a top-tier office property through significantcapital investment to modernize interiors, exteriors and addamenities expected by today's top tenants,“ says MichaelNewman, chief executive officer of Golub.

|

The project is just one of many that Golub and a select group ofpartners have launched in the metro area. As reported inGlobeSt.com, Golub and Wood Partners have begunbuilding a massive mixed-use project that will changethe skyline of suburban Oak Park. In addition, Golub andBoston-based GID just broke ground on a 45-story mixed-use apartmentbuilding in downtown Chicago.

|

Golub was represented in the Oak Brook transaction by Newman,Michael Goldman and Adam Short.Alcion Ventures, a real estate private equity firm based in Boston,was represented by Mark Potter and BenMay. Financing was provided by Bank ofAmerica; terms of the deal were not disclosed.

|

“The Oak Brook Executive Plaza opportunity is consistent withAlcion's suburban office strategy, investing in large and diversemarkets with multiple demand drivers and constraints on new officesupply,“ says Potter, co-founder and partner of Alcion. “We lookforward to continuing our relationship with Golub and we areconfident that we can add value to and reposition this officecomplex to meet current user demand.“

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.