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Golub, CIM Offload 40-Story South Loop Apartment Tower

Locally-based Golub & Company and Los Angeles-based CIM Group, which jointly developed 1001 S. State St., have sold the 40-story residential tower in the South Loop. Buyer and selling price were not disclosed, although Crain’s Chicago Business reported the buyer as an investment arm of the Mormon Church; the 397-unit 1001 S. State, which opened to residents in August 2016, reportedly cost about $130 million to build.

That price tag included a slew of tech-oriented amenities, including a communal workspace where residents have access to a CNC milling machine and a 3D laser printer. Complimentary Wi-Fi is available throughout common areas, and the apartment units are fitted with smart phone-compatible thermostats and USB ports in the kitchens and bedrooms.

CIM and Golub continue developing community-focused mixed-use properties in Chicago, including luxury condominiums at Tribune Tower and 1550 on the Park. The companies together also own and operate the 625 N. Michigan Ave. office building.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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