
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition