The Rehabilitation Institute of Chicago and Golub & Company Announce Joint Streeterville Land Transaction - Rehabilitation Institute of Chicago

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Published on December 14, 2009

The Rehabilitation Institute of Chicago and Golub & Company Announce Joint Streeterville Land Transaction

RIC acquires Golub's 630 N. McClurg site to develop state-of-the-art facility; RIC parking lot at Ohio-McClurg streets is acquired by Golub for future development

CHICAGO - The Rehabilitation Institute of Chicago (RIC) and Golub & Company announced today a collaboration that has resulted in joint land transactions in Streeterville. RIC has acquired Golub's parcel at 630 N. McClurg Court and Golub has acquired RIC's parcel at the corner of Ohio St. and McClurg Ct. Terms of the transaction are not disclosed.

As the #1 rehabilitation hospital in the country for 19 consecutive years and as the nation's largest center for research in the field of rehabilitation medicine with a record six federal research designations, RIC has purchased the large parcel of land, formerly the "CBS building". RIC will now begin conceptual planning for the development of the Erie-McClurg land. Through a future new facility in which clinical care and research are integrated and surrounding the patient, it is RIC's intention to continue to lead the world in discovering and innovating treatments in physical medicine and rehabilitation for generations to come.

630 N. McClurg Court

Parcel of land at 630 N. McClurg Court

“The likelihood of surviving a catastrophic event, such as a stroke or brain trauma or spinal cord injury, increases every year due to the many advancements in acute-care medicine,” said Joanne C. Smith, MD, president and CEO of RIC. “RIC leads the world in the field of medicine that takes over once the patient survives such an event - the rehabilitation phase. RIC is the world leader in the rehabilitation field and we hold an obligation to drive better care and recovery in this important field of medicine. Today's acquisition of a great parcel of land enables RIC to plan for and implement rehabilitation care that is generations ahead of our time, through which the best science will drive new methods of care, recovery and even cures.”

"We are delighted to be able to assist RIC in creating a world-class facility at an ideal location within the neighborhood," said Michael Newman, Golub & Company president and CEO. "Golub continues to be deeply vested in the success of the Streeterville community while maintaining the neighborhood's harmonious blend of commercial, retail, medical and residential stakeholders."

Over the past 40 years, Golub has been a defining developer of Streeterville, having developed, owned, managed or leased more than 6.5 million square feet of commercial and residential property in the area.

Golub, with its partner Alcion Ventures, will develop a project on its newly acquired land at a future time, and most recently completed two luxury residential developments, The Streeter and Streeter Place, in close proximity to its new site. Lee Golub, executive vice president, oversees the firm's development activity. "Our new development will most likely be a residential building similar to Streeter and Streeter Place," said Golub.

RIC and Golub look forward to open and productive collaboration with the community through the planning process.

About The Rehabilitation Institute of Chicago

The Rehabilitation Institute of Chicago (RIC) is making a difference in the world for people with disabilities. RIC provides world-class care to patients from around the globe for a range of conditions from acute brain and spinal cord injury to chronic arthritis, pain and sports injuries. RIC, founded in 1954, has been designated the "#1 Rehabilitation Hospital in America" by U.S. News & World Report every year since 1991 and attributes its leading standard of care in part to its innovative research and discovery, particularly in the areas of bionic medicine, robotics, neural regeneration, pain care and better outcomes. RIC operates its 165-bed, flagship hospital in downtown Chicago, as well as a network of 30 sites of care located throughout the city and surrounding suburbs that provide additional inpatient care, day rehabilitation and outpatient services. RIC also maintains strategic alliances with leading healthcare providers throughout the state of Illinois and Indiana. More information is at

About Golub & Company

Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding nearly 50 years ago, the company has owned, leased or managed more than 40 million square feet of commercial and multifamily real estate properties valued in excess of $7 billion. In addition to Streeter Place, Golub & Company’s other current Chicago-area investments include John Hancock Center, 22 West Washington (Block 37), 680 North Lake Shore Drive, 625 North Michigan, 33 North LaSalle, 225 West Washington and 541 North Fairbanks. More information is at