TopMed Realty forms joint venture with Golub & Company in the medical and university corridor of downtown Chicago’s Streeterville neighborhood
680 N. Lake Shore Drive in Chicago includes 493,064 square feet of medical office, office and retail space, plus a 331-space parking garage. (Photo courtesy of TopMed Realty)
TopMed Realty is pleased to announce the acquisition of the commercial component of 680 North Lake Shore Drive (“680”), representing 493,064 square feet of commercial space, as well as 331 public garage parking spaces. Golub & Company, which has had an ownership stake in 680 for many years and owned the property with a different partner, will stay in the deal and maintain an equity interest.
The 16‐story building (with 29‐story iconic blue tower), located in downtown Chicago’s Streeterville neighborhood, is vertically subdivided; the commercial component includes approximately 426,713 square feet of medical office/office space, 66,351 square feet of retail space on the ground floor and the public parking garage. The commercial space at 680 is approximately 90 percent occupied with 65 percent of lease revenue coming from investment grade tenants with longterm leases. The multi‐use building also includes private residences and parking, which are not included in this acquisition.680 is located in the heart of the medical corridor adjacent to Northwestern Medicine’s Medical Campus with more than 1,400 beds in the general vicinity. Located within a few blocks are Northwestern Memorial Hospital, Northwestern University Feinberg School of Medicine, Ann & Robert H. Lurie Children’s Hospital and the Rehabilitation Institute of Chicago. 680 is also located just blocks from Chicago’s world‐class shopping district, the Magnificent Mile, and its accompanying array of premier hotels and restaurants. Additionally, the building’s close proximity to high‐end and prestigious residential neighborhoods—including Streeterville itself— is a driver of continued healthcare demand. The 1‐mile radius to 680 has seen approximately 40% population growth since 2000 and has a median household income of approximately $87,000.
“680 North Lake Shore Drive is our inaugural investment as a newly‐formed healthcare real estate investment company,” explained Roni Soffer, CEO of TopMed Realty. “This property aligns with all of our investment objectives, and is indicative of our future investment plans. We plan to selectively acquire properties, near and integral to top‐rated medical universities and hospitals, in markets with high barriers to entry and strong demographics. In particular, we look forward to capitalizing on both Golub & Company’s local expertise and our own experience to make 680 North Lake Shore Drive the preeminent medical office and research building in downtown Chicago.”
HFF represented the seller in the transaction and arranged the financing on behalf of the buyers. The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson, Jaime Fink and Mark Katz along with managing director Phil Mahler. The HFF debt placement team representing the buyer was led by managing director Stephen Skok. Acquisition financing was provided by PNC Bank, N.A.
About TopMed Realty
TopMed Realty is a private real estate investment firm that was founded in 2016 by RS Global Realty to acquire healthcare real estate properties, primarily medical office buildings located in growing, high barrier to entry markets, with strong demographics and affiliation with best‐in‐class medical tenants, hospital systems and academic/medical universities. TopMed Realty’s main objective is to generate superior risk‐adjusted returns for its investors and plans on capitalizing on the strong tailwinds benefitting medical office buildings including positive demographic trends, regulatory changes and limited new supply to achieve stable cash flows for investors.
About Golub & Company LLC
Since its founding more than 55 years ago, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co‐investor and developer with its many institutional and private capital partners. It’s a reputation based on track record; Golub and its affiliates have owned, leased or managed more than 50 million square feet of commercial, mixed‐use and multifamily real estate properties (inclusive of 45,000 residential units), valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com.
For more information, please contact:
- Roni Soffer, CEO, TopMed Realty, at (305) 632‐0737, roni@topmedrealty.com or
- Josh Friedman, Principal, TopMed Realty, at (646) 693‐5415, jfriedman@topmedrealty.com or
- info@topmedrealty.com
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