Wednesday, October 9, 2019

Philly based Alliance Partners HSP Sells GrubHub Chicago Buys One Financial Plaza Florida

by John Jordan

GrubHub Chicago
A joint venture of Golub & Co. and The Family Office Company B.S.C. of New York City has acquired the Burnham Center office tower here—the home of GrubHub’s Chicago headquarters.

The 22-story office tower at 111 West Washington totals 585,000 square feet. Chicago-based Golub will assume management and leasing of the building that was constructed in 1913. The property was the last building designed by famed architect and urban planner Daniel Burnham.
No financial terms of the transaction were disclosed. Financing was provided by CIT.

Golub’s acquisition team was led by Adam Short, vice president of acquisitions, and Ania Najder, director of acquisitions. The seller is an affiliate of Bryn Mawr, PA-based Alliance Partners HSP, LLC, an affiliate of the Shidler Group.
Peter Derrico, managing director of acquisitions and disposition for Alliance, negotiated the transaction on behalf of the seller who was represented by Cushman & Wakefield. Financing was provided by CIT.

Golub & Co. says it plans to refresh the tenant amenities, which include a fitness center, private tenant lounge and conferencing facilities. Ground-floor retail includes a mix of national and regional tenants.

With the acquisition, Golub & Company’s Chicago-area office portfolio that includes 300 South Wacker Drive and 444 North Michigan Ave., now totals 3.5 million square feet.

One Financial Plaza Florida

The One Financial Plaza office tower has been sold for $117 million to Alliance Partners HSP of Bryn Mawr, PA.

The deal comes after Alliance Partners HSP sold the GrubHub’s headquarters in Chicago to joint venture of Golub & Co. and The Family Office Company B.S.C. of New York City for an undisclosed price.

Crocker Partners has been retained as the property management team for the 28-story Class A office building under the new ownership. In addition, Crocker Partners retained a 1.9-acre site for a new multi-family project adjacent to the office building.

The firm purchased the 283,000 square-foot building in 2017 for approximately $86 million. Over the two-year period, modernized and repositioning One Financial Plaza to compete in Fort Lauderdale’s fast-growing CBD market.
Recent capital improvements includer a new ground floor fa├žade, common area upgrades, the addition of 2,500 square feet of new retail space, as well as roadway and sidewalk improvements.

“One Financial Plaza has been among the most desirable office buildings in the CBD. With the recent capital improvements that position is enhanced for the long-term,” says John Osborne, SVP at Crocker Partners. During Crocker’s ownership, One Financial Plaza drew premier, new tenants such as Convey Healthcare, which leased three floors totaling 34,000 square feet and the renewal of the property’s anchor tenant Regions Bank.

Since 1993, Crocker Partners has acquired and managed more than 149 properties, totaling 44.3 million square feet representing $5.2 billion invested. The company is currently Florida’s largest office landlord and has offices in Miami, Jacksonville and Atlanta.

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