Sterling Bay sale of Fulton Market HQ is Chicago’s biggest office deal of year

Commerz Real was the buyer of the developer’s 300K-sf building

TRD CHICAGO /
Aug.August 07, 2019 02:09 PM
Sterling Bay CEO Andy Gloor, Commerz Real CEO Andreas Muschter and 1330 West Fulton Street (Credit: Sterling Bay and iStock)

Sterling Bay CEO Andy Gloor, Commerz Real CEO Andreas Muschter and 1330 West Fulton Street (Credit: Sterling Bay and iStock)

Sterling Bay just set the mark for priciest office sale in Chicago this year.

The prolific developer sold its massive headquarters on the western edge of Fulton Market to German real estate investment firm Commerz Real for $175 million, according to Crain’s. The property spans 290,000 square feet at 1330 W. Fulton Street. The deal pencils out to more than $600 per square foot.

The property hit the market in late April, and was expected to garner offers of around $200 million.

Sterling Bay helped ignite the development transformation of the Fulton Market District from a meatpacking hub to a top target for corporate offices with surging property values. The building was completed in 2017 and is leased to other tenants including Glassdoor and Dyson.

In addition to its massive Lincoln Yards project — which it recently received approval for — the firm also completed a 200,000-square-foot office building on Carpenter Street, and is building a 19-story office complex on Green Street.

Last year, Commerz Real bought its first Chicago property when it paid $202 million for the 20-story office building at 125 S. Clark Street. [Crain’s]Gregory Cornfield


Related Articles

arrow_forward_ios
55 East Jackson and Marc Realty’s David Ruttenberg

Amid down year for office trades, Marc Realty scores big profit in East Loop

Amid down year for office trades, Marc Realty scores big profit in East Loop
Colliers Chicago's Jim Carris and Alissa Adler

Colliers Chicago will fold Podolsky Circle into its CRE business

Colliers Chicago will fold Podolsky Circle into its CRE business
Lori Lightfoot (Credit: KAMIL KRZACZYNSKI/AFP via Getty Images)

Chicago hotels see slight boost as city sets to reopen

Chicago hotels see slight boost as city sets to reopen
Cook County Assessor Fritz Kaegi

Kaegi to slice assessments by up to 12% on certain condos and apartments

Kaegi to slice assessments by up to 12% on certain condos and apartments
Alison Victoria, 1700 W. Wabansia Ave. (Credit: Slaven Vlasic/Getty Images, and Google Maps)

Alison Victoria: Lawsuit against me is baseless and lawyer should be sanctioned

Alison Victoria: Lawsuit against me is baseless and lawyer should be sanctioned
Simon Property CEO David Simon and Gurnee Mills, and KKR co-CEO George Roberts and Yorktown Center (Getty, Wikipedia, KKR, Yorktown Center)

Simon Property, KKR skip mortgage payments on Chicago malls

Simon Property, KKR skip mortgage payments on Chicago malls
@properties’ Thad Wong, Mike Golden and Nest Realty’s Jonathan Kauffmann (@properties, Nest Realty; Seymour Johnson)

@properties acquires stake in another Southern resi brokerage

@properties acquires stake in another Southern resi brokerage
Mayor Lori Lightfoot has detailed plans to reopen offices and real estate services but the specific date remains in question. (Getty, iStock)

Ready, set…Chicago details office, retail, real estate services reopenings. But when?

Ready, set…Chicago details office, retail, real estate services reopenings. But when?
arrow_forward_ios

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

Loading...