Sterling Bay, the Chicago‐based real estate investment and development firm, and institutional investors advised by J.P. Morgan Global Alternatives, have completed the sale of 210 N Carpenter, a fully leased, 206,315 square‐foot office and retail building located in Chicago’s Fulton Market neighborhood. Cushman & Wakefield marketed the sale of the property, procuring Deka Immobilien, a German investment firm, as the buyer and securing a final sale price of $169 million.
“As Chicago continues to navigate its way out of the pandemic, developments like 210 N Carpenter deliver critical financial opportunities that bolster our city’s local economy and increase its visibility with foreign investors,” said Andy Gloor, CEO of Sterling Bay. “Sterling Bay is proud to have completed the sale of 210 N Carpenter, further reinforcing Fulton Market – and Chicago – as an attractive destination for global business.”
The newly constructed 12‐story, Class A office development sits conveniently at the center of Fulton Market, Chicago’s most popular live‐work‐play neighborhood and bustling tech hub, and is fully leased to six tenants, most notably Google, which occupies 132,000‐square‐feet to house the company’s Chicago‐based cloud division. Completed in 2019, 210 N Carpenter is LEED Gold Certified, WELL Health‐Safety Certified and features state‐of‐the‐art amenities including flexible floor plans, floor‐to‐ceiling windows, a rooftop pool, tenant lounge and gaming area, full-service fitness center and locker rooms, a programmed yoga room, conference facilities and on-site parking.
Other tenants currently include Leopardo Companies, rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked.
“The sale of this premier trophy office asset is further evidence that downtown Chicago, and Fulton Market specifically, remains at the very top of the list for new investment amongst the world’s largest and most sophisticated investors,” said Tom Sitz, Executive Director at Cushman & Wakefield.
210 N Carpenter was developed by Sterling Bay; Solomon Cordwell Buenz served as architect of record, interiors were designed by IA Interior Architects, and the general contractor was Leopardo Companies.
