Sterling Bay and JPMorgan test appetite for redevelopment

Duo lists Fulton Market and West Town properties with potential

Chicago /
Jan.January 29, 2021 03:48 PM
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.

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 


Related Articles

arrow_forward_ios
800 West Fulton Market and John Deere CEO John May (800 West Fulton Market, John Deere)
John Deere set to bring jobs to Chicago with Fulton Market lease
John Deere set to bring jobs to Chicago with Fulton Market lease
The Archer Daniels Midland mill and a rendering of the apartment that will take it's place (WikiMedia / Tdl1060, Sterling Bay)
Apartment towers planned for Fulton Market site of 19th-century flour mill
Apartment towers planned for Fulton Market site of 19th-century flour mill
A rendering of 1010 West Madison Street and Fulton Street Companies' Alex Najem (Fulton Street)
Fulton Market’s high-end luxury condo units expected at $6M
Fulton Market’s high-end luxury condo units expected at $6M
Vista Property adds two buildings in Fulton Market
Vista Property adds two buildings in Fulton Market
Vista Property adds two buildings in Fulton Market
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Top Compass agent says high-end Chicago home market hotter than ever
Top Compass agent says high-end Chicago home market hotter than ever
Top Compass agent says high-end Chicago home market hotter than ever
Bowa Construction to become first minority business to build Chicago high-rise
Bowa Construction to become first minority business to build Chicago high-rise
Bowa Construction to become first minority business to build Chicago high-rise
New York firm lists Chicago Fulton Market portfolio for sale
New York firm lists Chicago Fulton Market portfolio for sale
New York firm lists Chicago Fulton Market portfolio for sale
arrow_forward_ios

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

Loading...