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

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

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