Michael Newman

CEO, Golub & Co.

Michael Newman’s multigenerational real estate firm has had its discipline tested in the current cycle.

Golub entered several large partnerships with global capital sources, including Alcion and CIM Group, that later ran headlong into Chicago’s office downturn. In the post-pandemic market, Golub and its partners surrendered multiple assets to lenders, including 300 South Wacker Drive and a suburban Chicago office complex, as falling values and frozen refinancing markets erased equity.

The firm also defaulted on a debt for a historic Loop office building known as the Burnham Center, and took losses on a $130 million Chicago apartment deal as multifamily pricing reset.

At the same time, Golub has continued to push forward selectively. Newman remains deeply involved in the high-profile redevelopment of Tribune Tower into luxury condominiums and the office-to-residential conversion of 30 North LaSalle, projects that reflect a long-term bet on downtown living even as traditional office demand contracts. Golub has also pursued public-sector support, seeking additional tax incentives to stabilize and reposition the LaSalle Street asset under pressure.

Newman’s tenure leading since the mid-1990s helped expand Golub beyond its Chicago roots, and it now also captures the current moment for legacy developers: partnerships built for scale colliding with a market that punishes leverage, while adaptive reuse and patience become the clearest paths forward.

— Emma Whalen