Chicago Office Tower Lands $213M Refi
The trophy property opened in 2024.
Sterling Bay and institutional investors advised by J.P. Morgan Asset Management have completed a $213 million refinancing for 360 North Green, a 2-year-old, 500,000-square-foot office tower in Chicago’s Fulton Market neighborhood.
JLL worked on behalf of the owners to secure the three-year loan from Barings. The property was previously subject to a $206.4 million construction loan originated by Bank OZK in July 2022, according to Yardi Matrix.
The 24-story building was designed by Gensler and completed in 2024. 360 North Green’s amenities include two outdoor terraces per floor, a 4,000-square-foot roof deck, a 6,500-square-foot fitness center, outdoor conference space, a double-height lounge and bar and the Adalina Prime restaurant.
The property is 76 percent leased, with tenants including Boston Consulting Group and Greenberg Traurig.
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Transit connectivity includes nearby access to CTA bus stops and L stations on the Blue, Green and Pink lines.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Lucas Borges, Senior Managing Directors Geoff Goldstein, Danny Kaufman and Kelly Gaines, and Senior Analysts Emma Berner and Ryan Planek.
Beating out downtown Chicago
In a prepared statement, JLL noted Fulton Market’s substantial office leasing momentum. Over the past five years, more than 4.5 million square feet of headquarters relocations have transformed the former meatpacking district into a premier urban office destination. Noteworthy arrivals have included McDonald’s, CCC Information Services, Kimberly-Clark and Jet Support Services Inc.
JLL further reported that Fulton Market commands downtown Chicago’s highest rental rates, at $82 per square foot gross, or 22 percent above the CBD average.
South of 360 North Green, a team of CRG/Clayco and Shapack Partners received approval last year for their One Fulton Market mixed-use project, which will bring multifamily, office and retail space to a 1.5-acre site at 170 N. Green St.
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