{"id":1004225715,"date":"2018-04-30T03:43:26","date_gmt":"2018-04-30T11:43:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004225715"},"modified":"2022-12-07T22:24:20","modified_gmt":"2022-12-08T06:24:20","slug":"sterling-bay-nails-down-181m-loan-for-chicago-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/","title":{"rendered":"Sterling Bay Nails Down $181M Loan for Chicago Tower"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"333<\/a>

Rendering of 333 N. Green St. in Chicago<\/p><\/div>\n

A 19-story, 548,900-square-foot Class A office tower on Chicago\u2019s Near West Side has taken a big step forward for local developer-owner Sterling Bay, with the company\u2019s acquisition of $181.6 million in construction financing. HFF secured the floating-rate loan through Wells Fargo.<\/p>\n

Sited in the hot Fulton Market neighborhood, 333 N. Green St. will feature floor plates ranging from 13,634 square feet to 40,589 square feet, above 31,500 square feet of street-level retail and 326 spaces of parking on floors two through five. Amenities will include a 2,700-square-foot fitness center, 2,000-square-foot conference area, 5,590-square-foot tenant lounge and a private rooftop deck for tenant use.<\/p>\n

The building, which targets LEED Silver certification, is 47 percent preleased to GroupM and will serve as its North American headquarters, and as the regional headquarters for WPP, its parent company.<\/p>\n

The location boasts a Walk Score of 97 and a Transit Score of 89, being only five blocks from both the Morgan Street and Grand Avenue \u201cL\u201d stations and a short distance from the commuter rail access at Ogilvie Station.<\/p>\n

HFF\u2019s debt placement team included Managing Directors Timothy Joyce and Danny Kaufman and Director Christopher Knight.<\/p>\n

Sterling Bay did not respond to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

Near West Side Is Sterling Bay\u2019s Turf<\/h2>\n

Sterling Bay\u2019s panoply of past and future projects in Chicago\u2019s West Loop\/Near West Side is genuinely impressive.<\/p>\n

One of the highest-profile developments was 1KFulton, home to Google\u2019s Midwest headquarters, along with other tech companies. During reconstruction, the original 10-story building, a former cold-storage warehouse, was supplemented with a new six-story addition. Though Sterling Bay sold the property to American Realty Advisors<\/a>, of Glendale, Calif., for $257 million in mid-2016, it still handles leasing and property management.<\/p>\n

And barely two months ago, Sterling Bay pulled off (in partnership with J.P. Morgan Asset Management), the biggest acquisition in its history, buying 600 W. Chicago Ave.<\/a> from Equity Commonwealth for $510 million. Originally built in 1908 as a Montgomery Ward catalog warehouse, the 1.6-million-square-foot structure is now Groupon\u2019s HQ and 94 percent leased overall.<\/p>\n

Another recent Sterling Bay project was the Ace Hotel, at 311 N. Morgan St., across the street from 1KFulton. The 159-key boutique hotel, an adaptive reuse of a former cheese factory, opened in mid-2017.<\/p>\n

In the pipeline is The Porch, at 330 N. Green St., an 18-story, 670,400-square-foot office building that will feature a five-story open-air deck. Designed by SOM, the tower is scheduled for delivery in 2020.<\/p>\n

Image courtesy of Sterling Bay<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Class A office project continues the company\u2019s streak of high-profile deals on the city\u2019s Near West Side, including acquisitions, new developments and adaptive-reuse projects. <\/p>\n","protected":false},"author":882,"featured_media":1004225739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21808,21825,13,21742,21747],"tags":[32792,32779,33248,33277],"class_list":["post-1004225715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-featured","category-finance","category-midwest","category-latest","category-office","tag-hff","tag-leed","tag-sterling-bay-company","tag-wells-fargo"],"acf":[],"yoast_head":"\nSterling Bay Nails Down $181M Loan for Chicago Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sterling Bay Nails Down $181M Loan for Chicago Tower\" \/>\n<meta property=\"og:description\" content=\"The Class A office project continues the company\u2019s streak of high-profile deals on the city\u2019s Near West Side, including acquisitions, new developments and adaptive-reuse projects.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-30T11:43:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T06:24:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"543\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/\",\"name\":\"Sterling Bay Nails Down $181M Loan for Chicago Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg\",\"datePublished\":\"2018-04-30T11:43:26+00:00\",\"dateModified\":\"2022-12-08T06:24:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg\",\"width\":700,\"height\":543,\"caption\":\"Rendering of 333 N. Green St. in Chicago\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sterling Bay Nails Down $181M Loan for Chicago Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Sterling Bay Nails Down $181M Loan for Chicago Tower - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/","og_locale":"en_US","og_type":"article","og_title":"Sterling Bay Nails Down $181M Loan for Chicago Tower","og_description":"The Class A office project continues the company\u2019s streak of high-profile deals on the city\u2019s Near West Side, including acquisitions, new developments and adaptive-reuse projects.","og_url":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-04-30T11:43:26+00:00","article_modified_time":"2022-12-08T06:24:20+00:00","og_image":[{"width":700,"height":543,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/","name":"Sterling Bay Nails Down $181M Loan for Chicago Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg","datePublished":"2018-04-30T11:43:26+00:00","dateModified":"2022-12-08T06:24:20+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg","width":700,"height":543,"caption":"Rendering of 333 N. Green St. in Chicago"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/sterling-bay-nails-down-181m-loan-for-chicago-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Sterling Bay Nails Down $181M Loan for Chicago Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/333-N.-Green-St..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004225715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004225715"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004225715\/revisions"}],"predecessor-version":[{"id":1004225742,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004225715\/revisions\/1004225742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004225739"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004225715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004225715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004225715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}