CHICAGO—Chicago-based Golub & Company, an investment and development firm, has just acquired Oak Brook Executive Plaza, a 389,000-square-foot office complex on W. 22nd St. in west suburban Oak Brook, in a partnership with Alcion Ventures. The complex was originally built in phases between 1968 and 1980, but Golub and Alcion plan to reposition it as high quality offices for corporate and creative firms.
“We see an excellent opportunity to redevelop Oak Brook Executive Plaza into a top-tier office property through significant capital investment to modernize interiors, exteriors and add amenities expected by today's top tenants,“ says Michael Newman, chief executive officer of Golub.
The project is just one of many that Golub and a select group of partners have launched in the metro area. As reported in GlobeSt.com, Golub and Wood Partners have begun building a massive mixed-use project that will change the skyline of suburban Oak Park. In addition, Golub and Boston-based GID just broke ground on a 45-story mixed-use apartment building 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 Ben May. Financing was provided by Bank of America; terms of the deal were not disclosed.
“The Oak Brook Executive Plaza opportunity is consistent with Alcion's suburban office strategy, investing in large and diverse markets with multiple demand drivers and constraints on new office supply,“ says Potter, co-founder and partner of Alcion. “We look forward to continuing our relationship with Golub and we are confident that we can add value to and reposition this office complex to meet current user demand.“
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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.
