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
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.