CHICAGO—Condominium developers in Chicago have begun breathing life into that sector, but the rental market is still very much the king. And the work of transforming into rental units existing condo projects, many created in the run-up to the Great Recession, continues in both city and suburbs.

Chicago-based real estate developer Golub & Co. and USAA Real Estate have just formed a joint venture and acquired Century Tower, a vintage, luxury Central Loop high-rise that currently includes 292 residential condominiums. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces into rental apartments.

“Century Tower's desirable location in the midst of the downtown business, dining, and shopping district, coupled with its historic charm, offered a unique investment opportunity,” says Michael Newman, president and chief executive officer, Golub & Co. “Our planned renovations will bring the units up to date with the needs and desires of today's downtown renter, and offer a unique, historically-preserved luxury apartment option for them in the heart of the Loop.”

Century Tower is located at 182 W. Lake St. Built in 1930 and on the National Register of Historic Places, the building was converted from office to multifamily rentals in 2001, and then converted to condominiums in 2006.

A team from Golub, led by Collin McKenna, negotiated the transaction on behalf of the joint venture. Terms of the deal were not disclosed.

The building is best-known for its grand lobby, featuring deeply-veined Numidian marble walls and Napoleon gray marble floors, bronze elevator doors, and Art Deco architectural flourishes. The new owners will preserve these elements, re-orient the resident entrance through this grand lobby, update residential units with new contemporary finishes and technological improvements, and enhance the shared amenity spaces, including a fitness center, co-working space, game and lounge room, and roof deck.