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Chicago

Sterling Bay and JPMorgan test appetite for redevelopment

Duo lists Fulton Market and West Town properties with potential

Sterling Bay’s Andy Gloor (right), JPMorgan’s Jamie Dimon and 370 North Carpenter Avenue in Fulton Market, one of two properties the companies are selling. (Sterling Bay; Getty; Google Maps)
Sterling Bay’s Andy Gloor (right), JPMorgan’s Jamie Dimon and 370 North Carpenter Avenue in Fulton Market, one of two properties the companies are selling. (Sterling Bay; Getty; Google Maps)

The last time Sterling Bay and JPMorgan teamed up to sell a building, the duo collected $412 million for a Fulton Market office complex that houses McDonald’s headquarters.

This time around, those crazy kids are offering up two redevelopment opportunities: the larger site is next to Google’s Midwest HQ in Fulton Market, and the other is a few blocks away at 1100 West Grand Avenue in West Town, according to Crain’s. Google’s office is also Sterling Bay-owned.

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The latest properties are being marketed separately. JLL is positioning the 370 North Carpenter Avenue site near Google as a chance to build up to 387,000 square feet, along with the potential to add more space, according to the report. An existing 10,000-square-foot building is leased to LQD Financial through May 2023.

The site could benefit from a decision in May by Alderman Walter Burnett, which effectively ended the ban on new residential construction projects in most of the Fulton Market District. The alderman had previously refused to change the policy, but the pandemic’s crushing blow to the economy pointed him in a new direction.

For the West Grand Avenue property, brokerage SVN Chicago Commercial is handling the marketing. A Tesla dealership now holds a short-term lease, but marketing materials show a developer could build roughly 100,000 square feet, according to the report. [Crain’s] — Alexi Friedman 

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Fulton MarketJLLSterling Bay