Contact Us
News

Google's Midwest HQ Changing Hands In A Blockbuster Deal

Placeholder
The former Fulton Market Cold Storage building, now 1K Fulton, Google's regional headquarteres.

The office building that's come to define Fulton Market's status as one of Chicago's hottest office markets is changing hands. Sterling Bay is nearing a deal to sell 1K Fulton to American Realty Advisors for a reported $305M.

Sterling Bay put the building on the market in February, almost assured it would attract tons of offers. The firm bought the former Fulton Market Cold Storage building for $12M in 2011, just as the area was beginning its shift into the epicenter of Chicago's tech office. The 10-story building is best known as Google's Midwest HQ. Other notable tenants include Swift & Sons steakhouse, Sandbox Industries and bicycle parts manufacturer SRAMwhose offices span the old structure and a newer building Sterling Bay built next to it.

If the sale price holds, it breaks down to $574/SF, according to Crain's. That would be the third-highest per SF price for an office sale in the city's history. The sale gives 1K Fulton a 4.5 cap rate. [Crain's]