Investment manager buying majority of Sterling Bay West Loop office building

Manchester Capital acquires 64K sf of the property, marking its entrance into Chicago market

TRD CHICAGO /
Feb.February 06, 2019 09:00 AM

626 West Jackson Boulevard with Sterling Bay’s Andy Gloor (left) and Manchester’s Ted Cronin (Credit: LoopNet)

Manchester Capital Management is buying the majority of a Sterling Bay office building in the West Loop, marking its entrance into the Chicago market.

Vermont-based Manchester — an employee-owned investment manager — has a deal to pay $19 million for most of the eight-story building at 626 West Jackson Boulevard that Sterling Bay bought in 2008 for $7.8 million, according to Crain’s. The deal allows Sterling Bay to cash out of the property.

The prolific developer sold nearly three floors of the 108,000-square-foot building in 2009 to Cara Program and Dearborn Capital Management for a combined $8.5 million. Now Manchester is buying the remaining portion, which totals 64,000 square feet.

Manchester’s first acquisition in the local market gives it a foothold in an area of Downtown set to see a flood of new office development. 601W Companies is in the midst of an $800 million redevelopment of the nearby Old Main Post Office that will deliver 2.8 million square feet of new office space, and Riverside Investment & Development plans a new 1.5 million office tower as part of its redevelopment of Union Station.

Cody Hundertmark and Tom Sitz, formerly of CBRE, represented Sterling Bay in the sale. [Crain’s] — John O’Brien

 

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