CIM Group and Golub & Company announced the sale of a 397-unit luxury multifamily residential tower at 1001 S. State Street in Chicago’s South Loop neighborhood. The companies jointly developed the 440-foot tall building at the corner of 9th and State Streets and delivered it for occupancy in August 2016.
Terms of the transaction were not disclosed, nor was the buyer. Crain’s Chicago Business, however, reports that an investment arm of the Mormon church acquired the 40-story building.
Designed by Solomon, Cordwell Buenz, 1001 South State features a communal workspace where residents have access to a state-of-the-art CNC milling machine and a 3D Laser Printer, equipment that appeal to many in the technology start-up and related businesses. The property also provides a co-working space with an interactive whiteboard technology presentation system, common areas outfitted with USB stations and a shared media and game room.
The property also offers residents abundant outdoor gathering and recreation options including an outdoor pool and sundeck, an outdoor hot tub, a terrace with cabanas and grilling stations and a birch grove. Residents also have access to a fitness center, a specialty yoga studio, a conference room, a bike share and repair room, a dog run and pet grooming area, a resident lounge and services including automated package pick-up and dry cleaning. Complimentary Wi-Fi is available throughout common areas and adding to the buildings top-tier connectivity, units are fitted with smart phone-compatible thermostats and USB ports in the kitchens and bedrooms.
The joint venture is developing other high-profile, 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 North Michigan Avenue office building.
