Sterling Bay, the Chicago-based real estate investment and development firm, and institutional investors advised by JP Morgan Global Alternatives, have completed the sale of 210 N Carpenter, a 206,315 fully leased office and retail building square feet located in Chicago’s Fulton Market. district. 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 emerge from the pandemic, developments like 210 N Carpenter provide critical financial opportunities that strengthen our city’s local economy and increase its visibility to foreign investors,” said Andy Gloor, CEO of Sterling Bay . “Sterling Bay is proud to have completed the sale of 210 N Carpenter, further strengthening Fulton Market – and Chicago – as an attractive destination for global businesses. “
The newly constructed 12-story Class A office development is conveniently located in the center of Fulton Market, Chicago’s most popular neighborhood and bustling tech hub, and is fully leased to six tenants, including Google, which occupies 132,000 square feet. squares to house the cloud division of the Chicago-based company. Completed in 2019, 210 N Carpenter is LEED Gold certified, WELL Health-Safety certified, and offers state-of-the-art amenities including flexible floor plans, floor-to-ceiling windows, rooftop pool, tenant lounge and play area, complete – fitness center and locker rooms, scheduled yoga room, conference rooms and on-site parking.
Other tenants currently include Leopardo Companies, rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked.
“The sale of this leading trophy office asset is further proof that downtown Chicago, and the Fulton Market in particular, remains at the top of the list of new investments among top investors and the most sophisticated in the world, ”said Tom Sitz, executive director of Cushman. & Wakefield.
210 N Carpenter was developed by Sterling Bay; Solomon Cordwell Buenz was the architect of reference, the interiors were designed by IA Interior Architects and the general contractor was Leopardo Companies.