Sterling Bay Sells Historic Office Building for $305M
Chicago developer Sterling Bay has flipped a historic West Loop office building for triple what it paid in 2012. The 840K SF, 102-year-old building, at 111 N Canal St, was reportedly bought by JP Morgan Asset Management for over $305M. Sterling Bay purchased the vintage building for $100M and conducted several big renovations on it, Crain's reports, including adding a new lobby, roof deck and fitness center. It also signed on a string of big-name tenants, including the in-flight wireless provider Gogo, Twitter, Fieldglass, Uber and Potbelly. Sterling Bay's most high-profile tech client to date is Google, which is moving its Chicago HQ to a Sterling Bay development in the Fulton Market District next year. This sale may represent the growing interest in historic, loft-style buildings that can serve as upscale offices. [Crain’s]
