Buyer of Google-anchored Fulton Market office snags $69M loan

Deka Immobilien landed mortgage on complex it bought for $169M

Buyer of Google-anchored Fulton Market office snags $69M loan
Deka Immobilien CEO Ulrich Bäcker and 210 North Carpenter Street (Sterling Bay, Deka Immobilien)

A German investment firm nabbed a $69 million acquisition loan on a Google-anchored Fulton Market office building.

Deka Immobilien landed the Deutsche Bank loan to fund its $169 million purchase of 210 North Carpenter Street, according to Cook County property records.

Sterling Bay and institutional investors advised by JPMorgan Global Alternatives sold the 206,000-square-foot building last month. It was the second priciest office sale of the year.

Google’s cloud division occupies 132,000 square feet. Other major tenants include construction firm Leopardo Companies, sports marketing firm rEvolution Marketing and CVS Pharmacy.

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Deka’s Fulton Market purchase is the firm’s first investment outside Europe.

Chicago’s downtown office market vacancy rate may have climbed to a record high of nearly 20 percent, but Fulton Market remains a strong draw for developers, investors and tenants. Kimberly-Clark, Tock, Calamos Investments and TikTok have all signed deals for space recently.

Sterling Bay also recently secured a $100 million construction loan on a 200,000 square-foot spec office project at 345 North Morgan Street. Work is expected to be completed by the third quarter of next year.