Sterling Bay, one of Chicago’s most active real estate investment and development firms, has seen strong leasing activity across its Chicago office portfolio, despite the business challenges presented by COVID-19. Over the last 30 days, Sterling Bay has successfully executed seven office leases across four Chicago properties in various submarkets including the West Loop, the East Loop and Fulton Market.
“The demand for new and increased space across our Chicago office portfolio, even in the face of a pandemic, demonstrates Sterling Bay’s established presence in the market and is a direct result of our best-in-class reputation for building management,” said Andy Gloor, CEO of Sterling Bay. “We’re confident that this leasing momentum indicates a strong future for Chicago’s office landscape.”
Several of the leases occurred at One Two Pru, the two-building complex formerly known as Prudential Plaza. Austin Lusson and Dave Gloor of Sterling Bay secured a five-year extension for AMC Networks, the company behind brands like AMC, BBC America and IFC.
Austin Lusson and Dave Gloor were involved with three other leases at the notable property. Goren Eye Associates extended for another five years while Presidio Aircraft Leasing renewed and expanded its lease to occupy 10,000 square feet. REX Electric & Technologies, represented by Bill Sheehy of CBRE, expanded its presence and now occupies 11,000 square feet within One Two Pru.
Medical startup Tempus recently expanded its 150,000-square-foot lease at 600 W. Chicago, Sterling Bay’s landmark riverfront property, for an additional 13,000 square feet to house an increased footprint of on-site lab space. Russ Cora represented Sterling Bay and Todd Lippman of CBRE represented the tenant.
LQD Business Finance, a Pilsen-based fintech company, has signed a new lease for over 8,000 square feet at 370 N. Carpenter, Sterling Bay’s Fulton Market incubation space, which previously served as home to Uber, Glassdoor and Flexport. Joy Jordan represented Sterling Bay and Allen Rogoway of Cresa represented the tenant.
Finally, Pinterest, the popular social network and tech company, extended its lease at 111 N. Canal, a property recently redeveloped by Sterling Bay and owned by institutional investors advised by J.P. Morgan Asset Management. Lusson represented Sterling Bay with Hugh Scott, Rob Schmidt, Scott Becker, and Eddie Viliunas of JLL representing the tenant.