Sterling Bay, which specializes in redeveloping urban properties in emerging locations, today announced its latest development project called Fulton West which will be located on the former MarchFirst Inc. site at 1330 W. Fulton in Chicago’s Fulton Market. Sterling Bay acquired the property in January 2014.
“Strengthening demand and strong market fundamentals in the office sector were the drivers for launching this project,” said Principal Andy Gloor. “Although spec building has all but disappeared following the economic downturn, we feel the time is right to build.”
Under construction at the time the consulting firm declared bankruptcy in 2001, the unfinished MarchFirst site has remained untouched – until now. Sterling Bay will incorporate the partially built garage and foundation into the new office building that when complete will rise nine stories and total 290,000 square feet. It will feature approximately 790 parking spaces for the building and the neighborhood, a fitness center, indoor bike storage and large 38,000-square-foot floor plates with generous bay spacing and high, exposed ceilings.
Sterling Bay’s signature aesthetic and innovative approach to design will be evident in the property’s abundant green space. Tenants will enjoy access to a roof top deck, landscaped balconies and a 20,000-square-foot pocket park adjacent to the building.
For companies looking for signage and identity opportunities in the city’s hottest neighborhood, the firm will offer prominent branding options while also providing tenants the choice of a private entrance on either Fulton Market or Ada Street.
With all of the other proposed Fulton Market projects set to be delivered in 2018 at the earliest, and with a portion of Fulton West already built, Sterling Bay will get a jump on the competition with an expected delivery of December 2016.
“At a time when demand far exceeds supply, speed to market is a definite advantage for the property. Tenants currently seeking space in the neighborhood are being turned away due to lack of existing product,” commented Sterling Bay’s Chloe Reaumond, who along with Russ Cora, oversees leasing at Fulton West.
In the last several years, Sterling Bay has breathed life into the Near West Side, redeveloping 111 North Canal, 400 South Jefferson and 1000 West Fulton (1KFULTON) and giving traditional corporations and young tech companies alike new options for a business address. Companies like Google, Twitter, GoGo, Hillshire Brands, SAP, IDEO and Uber continue to flock to their properties thus confirming Sterling Bay’s reputation as a user friendly and savvy developer. As with most of its developments, the firm will pursue LEED Certification at the new property.