CBIZ Gibraltar Represents Golub, Securing Favorable Lease Economics in Largest Transaction to date in the 2025 Chicago Market
CBIZ Gibraltar (“Gibraltar”) is pleased to announce its representation of Golub Capital
(“Golub”), supporting the market leading, award-winning direct lender and credit asset
management company in securing favorable lease economics for 205,000 SF in
Chicago.
The transaction marks the largest leases signed in Chicago in 2025, advancing ‘The Bell’ (225 West Randolph Street) to 85% leased. The deal marks one of the most significant downtown relocations of the year, according to Crain’s, and is another example of how well-capitalized landlords providing significant incentives are attracting tenants in today’s office market.
As a 20+ year Gibraltar client, Golub has experienced significant growth since 2006 and increased square footage from 5,000 to 160,000 SF, which had previously required taking non-contiguous space in an adjacent building.
While still having 3+ years remaining on its lease, Golub once again needed to expand,
and wanted to be in one building. In addition, Golub needed to secure an office space
that would reflect its brand, enhance office culture and promote a productive work
environment.
The CBIZ Gibraltar team commenced a comprehensive needs assessment, market
evaluation, site selection, and financial analysis process assessing blocks of space in
Chicago’s CBD over 200,000 SF. In addition, Gibraltar developed a project timeline with
fixed dates to ensure the project remained on track. Gibraltar initiated building tours of
shortlisted properties based on Golub’s criteria, including location, commute patterns,
signage opportunities, amenities and floor plate size.
Gibraltar orchestrated multiple rounds of negotiations among several candidate buildings, (including Golub’s existing building) and secured very favorable terms in a “new” fully renovated 31-story redevelopment at 225 W Randolph St, known as “The Bell,” soon to be “Golub Capital Tower.” Golub was able to take advantage of tax incentives related to the overhaul of a historic building by relocating to The Bell, and Gibraltar was able to negotiate a free rent package that allowed for a relocation 2+years prior to their current lease expiration, presenting significant cost savings for the client.