Vista Property Group buys Fulton Market office building for $14M

Sterling Bay sold the property two months after securing construction permits for a 14-story hotel next door

Chicago /
Jul.July 10, 2018 02:00 PM

Vista Property Group co-founders and principals Hymie Mishan and Saul Sutton and a photo of the office building (Credit: Google Maps)

UPDATE, July 11, 11 a.m.: Vista Property Group bought a 35,000-square-foot office building next to the future site of Sterling Bay’s 200-key Fulton Market for $13.65 million.

Vista inked the deal with Sterling Bay for the two-story building at 113 North May Street on June 28 and secured a $9.2 million loan on the property from Byline Bank, according to Cook County property records and Vista Principal Hyme Mishan.

The office building is now home to an “innovation house” run by co-working space Salt Flats.

Sterling Bay bought the building in 2014 for $5.85 million and presented a plan three years later for a 19-story Hyatt House hotel on the adjacent lot, but the mega-developer shortened the proposal to 16 stories amid pushback from neighbors. It was approved by the Chicago Plan Commission in September, and construction permits issued in April showed the building was shortened again, this time to 14 stories.

Sterling Bay remains active in Fulton Market, most recently landing a permit for a 19-story office tower at 333 North Green Street. It also developed the Google Midwest headquarters at 1K Fulton, the Fulton West project at 1330 West Fulton Market and the “vendor village” office building at 210 North Carpenter Street near the recently-opened McDonald’s headquarters at 110 North Carpenter.

New York-based Vista Property Group lists 19 properties in its portfolio across five countries, including nine properties in Chicago.

This story has been updated to clarify which property Vista bought from Sterling Bay.


Related Articles

arrow_forward_ios
Citadel's Ken Griffin (Getty, iStock)
Griffin’s Citadel debates Chicago exit due to crime
Griffin’s Citadel debates Chicago exit due to crime
Preservation Chicago's Ward Miller and Century Building (Tdl1060/ CC BY-SA 4.0 via Wikimedia Commons, LinkedIn)
Preservationists push to save Chicago’s Century, Consumers towers
Preservationists push to save Chicago’s Century, Consumers towers
Peppercorn Capital's Philip Denny’ and the site of 1217 West Washington Boulevard (Google Maps)
“King of the West Loop” sells $10.3M site
“King of the West Loop” sells $10.3M site
A photo illustration of 105 West Adams Street (top right) and the Chatham Village Square shopping center (bottom) (LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
Chicago landlord Tadros files for bankruptcy with $22M mortgage at stake
Baxter CEO ​José (Joe) E. Almeida and 1 Baxter Parkway, Deerfield, IL (Google Maps, Baxter)
Medical products company lists 101-acre suburban Chicago office campus
Medical products company lists 101-acre suburban Chicago office campus
5200 West Roosevelt Road in Chicago, Clear Height Properties CEO Dominic Sergi and 130 East Street Charles Road in Carol Stream (Google Maps, Clear Height)
Amazon pullback, rising rates fail to cool Chicago industrial market
Amazon pullback, rising rates fail to cool Chicago industrial market
WeWork's Robin Cardoso with 167 North Green Street (LinkedIn, Shapack, iStock)
WeWork leases in Fulton Market building after rejecting previous deals in neighborhood
WeWork leases in Fulton Market building after rejecting previous deals in neighborhood
Cook County Land Bank Authority's Eleanor Gorski and 6300 South Cottage Grove Avenue (CCLBA, Google Maps)
“Dystopian” Woodlawn bank to be preserved, restored
“Dystopian” Woodlawn bank to be preserved, restored
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...