Sterling Bay’s executive vice president of leasing, Joy Jordan, negotiated the transaction. Cresa managing principal, Allen Rogoway, represented LQD Business Finance.
LQD Business Finance provides custom, tech-enabled financing solutions to small- and medium-sized businesses through the use of proprietary software, LQD Matrix and LQD Synthesis, as well as a loan-servicing platform for banks and institutional lenders, LQD Managed Services.
“For obvious reasons, the business lending services that LQD provides are now more vital to Chicago’s economy than ever,” said Andy Gloor, CEO of Sterling Bay. “We’re excited to bring their business into the tech-driven environment that Fulton Market is known for and are confident that the relocation will enable sustained growth and continued opportunity for this hometown operation.”
Located one block from Google, Inc.’s Midwest headquarters, 370 N. Carpenter features over 8,000 square feet of creative loft office space, converted from a cold storage facility.
“In the wake of the COVID-19 pandemic and the uncertainty it has created for small businesses, our team has faced an influx of new loan requests as well as requests from lenders that need a way to service thousands of new SBA loans as part of the CARES Act that require us to bolster our operation with increased resources,” said John Stanfield, CFO of LQD Business Finance. “By expanding into a new space in Fulton Market, we can ensure we have the necessary capabilities in place to deliver immediate funding or loan servicing for our clients during this unprecedented time.”
In years past, Sterling Bay, along with its capital finance partner J.P. Morgan Asset Management, have utilized the property at 370 N. Carpenter to serve as a short-term incubation space for some of today’s most successful tech companies including Uber, Glassdoor, Climate Corp. and Flexport, several of which have expanded into larger office spaces within the Sterling Bay portfolio.