This acquisition is the first joint venture between Golub and Wachovia Securities. Michael Goldman, SVP of finance and acquisitions at Golub, negotiated the transaction for the buyers. Bruce Miller and Peter Harwood of Jones Lang LaSalle were brokers in the transaction. Alasdair Cripps of Capri Capital Advisors negotiated for Capri.

Michael Newman, president of Golub, says that the venture plans to invest about $15 million in capital improvements to the property over the next three years. Completed in 1968, 541 North Fairbanks was originally named for its anchor tenant, Time-Life.

About 20% of the building's office space is available for lease. Currently available office space ranges from 20,000 to 60,000 contiguous sf. John Ferguson, Golub's SVP of leasing and marketing, along with Josh Crane, leasing director, will oversee the office leasing program.

Goldman tells GlobeSt.com that "the property is in great shape. The previous owners took good care of it. Our current plans are to do cosmetic changes to the common areas and corridors." He adds that the building is in close proximity to Northwestern Memorial Hospital, which is in the process of expanding. "The medical industry is a growth industry. So, we will market the property to those potential users. The North Michigan Avenue submarket traditionally has had a number of media users and associations as well. In addition, the neighborhood has a number of residents who lease individual office space."

Goldman explains that "we are going to reposition the building with a new marketing campaign. We want the building on brokers' radar screens. We may even move away from the current moniker of the building, but that decision is still under discussion."

Finally, plans are underway to upgrade the retail space. "Golub has an apartment development nearby called the Streeter, 345 E. Ohio. Our retail space will cater to not only the office tenants, but nearby residents as well," Goldman says.