Sterling Bay nabs construction loan for Google-leased office building

Google is leasing the entire 230K sf building at 345 North Morgan Street

Mar.March 25, 2020 05:05 PM
Sterling Bay CEO Andy Gloor and a rendering of 345 N. Morgan St. (Credit: Sterling Bay, Cara)

Sterling Bay CEO Andy Gloor and a rendering of 345 N. Morgan St. (Credit: Sterling Bay, Cara)

Sterling Bay just nabbed a $63 million construction loan for its 11-story office building that Google will occupy in Fulton Market.

CIBC Bank USA provided the debt for the local developer on the 230,000-square-foot project at 345 North Morgan Street, according to public records.

Google is set to more than double its Chicago office footprint when it moves into all 800,000 square feet, comprised of the 11-story building and another 18-story tower that Sterling Bay is building at 1000 West Carroll Avenue. It will make the tech giant one of the city’s biggest tenants in the Downtown office market, with about 1.3 million square feet combined.

A movie theater and parking garage were part of Sterling Bay’s initial plans for the North Morgan Street property. Plans were later changed to a build-to-suit office building with retail for a single tenant.

In 2012, Sterling Bay developed Google’s Midwest headquarters at 1000 West Fulton Street, where Google leases 372,000 square feet. The developer sold the building in 2016. Google also occupies 132,000 square feet nearby in another Sterling Bay-developed building, at 210 North Carpenter Street.

The developer recently moved its headquarters to a 19-story building that it constructed at 333 North Green Street, after selling its former HQ at 1330 West Fulton Street.

Sterling Bay didn’t respond to a request for comment. CIBC Bank declined to comment.

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