Sterling Bay inks tech firm to latest lease at Fulton Market HQ

Softbank-backed Flexport is taking 40K sf at Gr33n, the developer’s under-construction complex

TRD CHICAGO /
Dec.December 04, 2019 10:13 AM
Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay has signed a freight tech firm to a big lease at its future headquarters in Fulton Market, which continues to attract tenants to the area.

Flexport, a San Francisco-based firm inked a lease for 40,000 square feet at Sterling Bay’s under-construction 333 N. Green St. building, according to Crain’s. The Chicago developer recently announced it would make that 19-story, 555,000-square-foot building known as Gr33n its headquarters.

The lease will allow Flexport to double its workforce in the Chicago market to nearly 300. The company will occupy the 12th floor of Gr333n. Its current offices are located at 370 N. Carpenter St. as well as a WeWork location not far away, both of which it has outgrown, according to the report.

Founded six years ago, Flexport received a $1 billion investment from SoftBank earlier this year, turbocharging its growth.

At Gr33n, Flexport is just the latest firm to ink a lease deal. Others include advertising agency WPP, accounting firm Ernst & Young. Sterling Bay will also occupy 35,000 square feet there.

A Sterling Bay executive said he expected the building to be nearly fully leased by the time it opens, Crain’s reported. Construction was supposed to be completed by the end of the year.

Fulton Market has proved to be a popular area with office tenants. Google has been one of the biggest players, partnering with Sterling Bay for what will be nearly 800,000 square feet of space. L3 Capital also recently purchased three smaller buildings in the area and is an owner in the 50,000-square-foot Time Out Market Chicago food hall. [Crain’s] — Jacqueline Flynn


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