Sterling Bay eyes CVS Pharmacy for Fulton Market retail space

The developer said CVS is the latest tenant at 210 North Carpenter in a brochure seeking an $84M loan on the property

Chicago /
Mar.March 11, 2019 12:00 PM

210 North Carpenter and a CVS Pharmacy logo (Credit: Solomon Cordwell Buenz and Facebook)

Sterling Bay is courting financiers for its new Fulton Market office complex at 210 North Carpenter Street with the promise that a CVS Pharmacy will take up the building’s entire 12,000-square-foot retail space.

Sterling Bay and JP Morgan Asset Management are seeking out a lender to extend an $84 million mortgage on the just-completed 12-story office building, according to a financing document distributed by JLL on behalf of Sterling Bay. The requested loan would be 60 percent of the property’s total value, which the landlord estimates at $140 million.

The document lists CVS Pharmacy among a group of companies that have already announced office leases in the 200,000-square-foot building: Google, construction company Leopardo, venture capital firm S2G Ventures and marketing firm Revolution.

The five leases bring the building to about 94 percent occupied, according to the document.

Representatives of Sterling Bay and JLL declined to comment on the lease. A spokesperson for CVS did not respond to requests for comment.

Sterling Bay last secured financing on the property in August 2017, two months before construction got underway, getting a $60.8 million loan from the Union Labor Life Insurance Company, according to Cook County property records.

If the CVS opens on the ground floor of the new building, it would be the only pharmacy operating inside Fulton Market. The building Sterling Bay completed last year at 1035 West Randolph Street, now the global headquarters for McDonald’s, has a Walgreens with no pharmacy.

Another CVS Pharmacy already operates at 101 North Clinton Street, about a half mile east of the site.

The building at 210 North Carpenter is the latest offering in a cluster of office buildings sprouting near the CTA Morgan station since Sterling Bay built new headquarters for McDonald’s and Google, part of an explosion of new workspaces drawing office demand west from the Loop.

Shapack Partners and Focus Development are awaiting final permits to begin building a 17-story office building at 167 North Green Street, Murphy Development is preparing to build a smaller office building at 318 North Carpenter Street, and Tishman Speyer joined a bid by Mark Goodman & Associates to build about 225,000 square feet of office at 310 North Sangamon Street.

Sterling Bay also is constructing a 19-story office tower at 333 North Green Street, the first of three planned buildings that would bring a combined 1.7 million square feet of new office space to the former Coyne College campus.


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