Washington (CNN) Chicago Mayor Rahm Emanuel announced Tuesday that he won't seek re-election to a third term.

"As much as I love this job and will always love this city and its residents, I've decided not to seek re-election," he said in an announcement Tuesday from City Hall. "This has been the job of a lifetime, but it is not a job for a lifetime."

He added, "Now with our three children in college, Amy and I have decided it's time to write another chapter together."

Emanuel said he won't be a lame duck, saying he and his team "have more to do, and from now until then, we'll do everything in our power to get it done."

He also promised a "smooth and positive" transition for his successor, who will be elected by Chicagoans in February 2019.