The 150-year-old organization had asked members late in 2019 for extra capital assessments to address infrastructure needs for its 13-story downtown building, which dates to 1926. But General Manager Garth Walker issued a statement that “club operations are no longer sustainable” and that the CBRE real-estate firm has been retained to market all or part of the building for sale. Hope was still held out for possibly opening the club elsewhere in some form.

The Standard Club, a gathering place for leading members of Chicago business for 150 years, will be closing May 1 but could reopen elsewhere, according to a statement from its General Manager that was issued on March 4^th, the Chicago Sun-Times reported.

With a 13-story building in Chicago’s downtown Loop, the club has faced escalating financial trouble and asked its membership late in 2019 to provide extra cash to pay bills, the Sun-Times reported.

The statement from General Manager Garth Walker said: “The club has recently faced challenging business circumstances similar to those that have faced many urban private clubs in terms of membership, usage and revenue. The Board has come to the very difficult decision that club operations are no longer sustainable.”

The board has retained CBRE, the real-estate brokerage firm to market all or parts of the building for sale, Walker added. The club hopes to find a partner for a “synergistic business relationship,” his statement said.

“We expect that there will be a transition period and our hope is eventually a new home for a new type of club that continues to reflect our shared traditions, values, and camaraderie,” Walker added. “We extend our appreciation to our loyal staff for their contributions to our club community over the years, and to our membership for their ongoing support during this transition.”

Walker was not available for further comment, the Sun-Times reported.

When the club asked members for additional support in 2019, the Sun-Times reported, they were told that the club faces “an aging infrastructure and has some significant capital needs.” The extra assessments were $1,650 for life members, $3,350 for premium members under age 40, and $5,000 for those over 40.

The club has long been a draw for Jewish members, the Sun-Times reported, with a lineage that dates from decades past, when other private clubs barred Jews from joining.

Another prominent casualty of the Chicago city-club scene was the Chicago Athletic Association, which closed in 2007, the Sun-Times reported. Its facility on South Michigan Avenue has since been turned into a posh and popular hotel that now includes a Shake Shack restaurant on the ground floor. A similar fate could await the Standard Club’s building, which dates from 1926, the Sun-Times noted.

Standard Club members have been active in numerous charities and were instrumental in the founding and growth of such institutions as Chicago’s museums, private universities, Lincoln Park Zoo and other beneficiaries, the Sun-Times reported.