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

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

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Keating Crown, James Crown and 1040 West Randolph Street (Credit: Newmark Knight Frank)

It stays in the family: Sterling Bay sells Fulton Market building to Crowns for $33M

Homes with airplane hangars are coming to suburbs, Wicker Park neighbors spar with developer over church redevelopment: Daily digest

City to redevelop land near 95th Red Line Station, Chicago’s slumping housing market gets slight reprieve: Daily digest

Shapack Partners’ Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

Shapack continues empire-building in Fulton Market

IBT Group’s Gary Pachucki and renderings of Humboldt Lit (Credit: LinkedIn and IBT)

The New Fulton Market? Local developer puts $50M bet on Humboldt Park

Tucker Development CEO Richard Tucker and 954 West Washington Boulevard (Credit: Tucker Development, Lindon Associates)

Tucker Development is latest company to move to Fulton Market

Tribune Tower redevelopment pricing revealed, two hotels planned for Elk Grove: Daily digest