Golub Capital Pulls $44.9M Permit for Loop Office Buildout

Golub Capital pulled a $44.9 million City of Chicago permit to build out seven office floors at 225 W. Randolph St. in the Loop, according to city permit records. Permit #101086662, issued Oct. 6, covers interior alterations to existing office floors 10 through 16 for the buildout of Golub Capital’s own office space.

The permit lists Golub Capital, LLC as the owner of record for the work, which the city classifies as a renovation and alteration rather than new construction. The declared valuation of $44.9 million is the applicant’s own reported construction cost for the buildout, not a lease value or asset price.

Why it matters

A $44.9 million interior buildout across seven contiguous floors is a large commitment for a single tenant in a Loop office tower, at a time when large occupiers signing or expanding space has become the exception rather than the rule downtown. For the construction trade, a buildout of this scale means a multi-floor interior fit-out package, covering mechanical, electrical and finish work across roughly a third of a typical high-rise’s leasable floors. For brokers and landlords tracking Loop office demand, a credit lender of Golub Capital’s size committing to a build-out this large is a signal worth watching against the broader office-vacancy narrative.

The numbers

Declared valuation: $44,919,084. Scope: interior alterations, floors 10 through 16 (7 floors). Address: 225 W. Randolph St., community area 32, Ward 42. Occupancy: Business (B), Construction Type IA. Owner of record: Golub Capital, LLC. Permit type: renovation/alteration, issued Oct. 6, 2026.

What’s next

The permit record does not name a general contractor or a completion date. Chicago’s Loop office market has seen few buildouts of this scale this year; this desk will follow the project through any subsequent permits tied to the address and watch whether other large financial-services tenants follow with similar commitments.