Sterling Bay has completed the sale of 1515 W. Webster, a fully leased 207,000-square-foot office building located within the developer’s Lincoln Yards megaproject. Cushman & Wakefield brokered the $110.25 million sale to Apex Capital—the fourth largest office sale price in Chicago this year.
“Completing the sale of 1515 W. Webster in the midst of a challenging economic climate further legitimizes that Lincoln Yards is a desirable destination for business,” said Andy Gloor, CEO of Sterling Bay. “We’re looking forward to the future at Lincoln Yards and are committed to creating a community that delivers significant benefits to local residents, including outside investments like this one that help to secure the economic future of Chicago.”
The property was originally developed by Sterling Bay with Skidmore, Owings and Merrill serving as architect of record; Power Construction served as general contractor and Skender as lead interior construction. The Cushman & Wakefield capital markets team of David Knapp, Tom Sitz, Cody Hundertmark, and Josh McGee marketed the sale of the property and procured the buyer.
“1515 W. Webster generated an unprecedented amount of interest from both domestic and foreign capital and reflects the desirability of a Lincoln Yards trophy asset,” said Knapp.
Constructed in 2018 on the site of the former Gutmann Leather Tannery, 1515 W. Webster is the first office development to be completed at Lincoln Yards, Sterling Bay’s transformative mixed-use development located along the North Branch of the Chicago River. The property is currently 100 percent leased to a global third-party logistics provider and houses more than 1,000 employees.
Designed with an exterior that mimics the flow of water, 1515 W. Webster features flexible workspaces across four stories including open office workstations, private offices, conference rooms, two reception areas, a large café, a four-story central atrium that infuses the building with natural light and a 5,000-square-foot terrace with unobstructed views of the Chicago skyline. 1515 W. Webster also includes above- and below-grade bicycle and vehicle parking.
Certified as LEED Gold, 1515 W. Webster incorporates low-cost, high-efficiency materials achieving significant building performance. The building mitigates solar gain with heat-reducing glass and undulating fins along the exterior that reduce glare in workspaces while increasing daylight in communal areas.
To support the City of Chicago’s ongoing reinvigoration of the Chicago River, which includes plans for an extended Riverwalk into Lincoln Yards, Sterling Bay has revitalized riverbanks at 1515 W. Webster to create a nearly 1,000-foot path offering outdoor seating and gathering spaces. Friends of the River, a Chicago-based organization dedicated to improving the health of the Chicago River system, recognized the Sterling Bay’s work on this project with an award for excellence.
