The Real Deal Chicago

Sterling Bay cleared to build 19-story Fulton Market office tower

The complex is the first of the developer's 3 large office projects in the 300 block of Green Street
By John O’Brien |
Research by Laura Hanrahan
July 02, 2018 01:00PM

Andy Gloor and the property

Sterling Bay has been cleared to build a 19-story office tower in Fulton Market, the first of several projects from the developer that will bring 1.7 million square feet of new office space to the neighborhood.

The Chicago-based firm secured a full construction permit for the building at 333 North Green Street after previously getting city approval for work on the foundation and first five floors.

While plans filed with the city peg the cost of the work at $100 million, Sterling Bay in April obtained a $181.5 million construction loan from Wells Fargo for the project.

The building will have street-level retail and 326 parking spaces on floors 2 to 5, according to its plans.

It is one of two buildings Sterling Bay will build on the site of the former Coyne College campus and parking lot, which it bought in 2016 for $25 million. The other is a 20-story building planned across the street at 330 North Green Street.

Sterling Bay also plans a 21-story office building at 360 North Green Street and a movie theater and parking garage at 345 North Morgan Street. The latter is next to the trendy Ace Hotel that opened last year at 311 North Morgan Street, one of two Sterling Bay hotel projects in the neighborhood along with the Hyatt House on North May Street.

The developer is also behind the Google Midwest headquarters at 1K Fulton, the Fulton West development at 1330 West Fulton Market and the “vendor village” office building at 210 North Carpenter Street near the new McDonald’s headquarters, also from Sterling Bay.

Sterling Bay is also behind the proposed Lincoln Yards megadevelopment along the North Branch of the Chicago River, and in the past year acquired 600 West Chicago Avenue, home of Groupon headquarters, for $510 million; and the Prudential Plaza for $680 million.

In all, there is 6.6 million square feet of office space is under construction or in planning in Fulton Market, according to Crain’s.

Prolific Fulton Market developer Shapack Partners is building a seven-story, 70,000-square-foot office project at 811 West Fulton Street and another office project at 215 North Peoria Street.

And Shapack and Focus Development are planning a massive mixed-use project that would span the area between Halsted and Green streets.