{"id":1004642037,"date":"2023-02-01T13:24:34","date_gmt":"2023-02-01T21:24:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004642037"},"modified":"2023-02-09T05:43:36","modified_gmt":"2023-02-09T13:43:36","slug":"sterling-bays-gloor-on-developing-office-in-interesting-times","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-bays-gloor-on-developing-office-in-interesting-times\/","title":{"rendered":"Sterling Bay\u2019s Gloor on Developing Office in Turbulent Times"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"697\" alt=\"A Chicago mega-development, Lincoln Yards was approved by the city in 2019. The mixed-use community, to be developed on former industrial land along the North Branch of the Chicago River, will span 53 acres.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004642605\" data-id=\"1004642605\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_LincolnYards-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_LincolnYards-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_LincolnYards-1.jpg?resize=300,174 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_LincolnYards-1.jpg?resize=768,446 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_LincolnYards-1.jpg?resize=1024,595 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">A Chicago mega-development, Lincoln Yards was approved by the city in 2019. The mixed-use community, to be developed on former industrial land along the North Branch of the Chicago River, will span 53 acres. Image courtesy of Sterling Bay<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"674\" alt=\"1050 Brickworks is a ground-up speculative, creative office project in Atlanta. The upcoming property is set to include 225,000 square feet of ground-up creative office and prime retail.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004642608\" data-id=\"1004642608\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1050Marietta-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1050Marietta-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1050Marietta-1.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1050Marietta-1.jpg?resize=768,431 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1050Marietta-1.jpg?resize=1024,575 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">1050 Brickworks is a ground-up speculative, creative office project in Atlanta. The upcoming property is set to include 225,000 square feet of ground-up creative office and prime retail. Image courtesy of Sterling Bay<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"721\" alt=\"Developed in 2012, 1KFulton involved the transformation of a frozen warehouse in Chicago's Fulton market, which was thawed and transformed into Class A office space, now occupied by Google as its Midwest headquarters.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004642602\" data-id=\"1004642602\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1KFulton-2.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1KFulton-2.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1KFulton-2.jpg?resize=300,180 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1KFulton-2.jpg?resize=768,461 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_1KFulton-2.jpg?resize=1024,615 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Developed in 2012, 1KFulton involved the transformation of a frozen warehouse in Chicago&#8217;s Fulton market, which was thawed and transformed into Class A office space, now occupied by Google as its Midwest headquarters. Image courtesy of Sterling Bay<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"740\" alt=\"Sterling Bay was selected as the developer of McDonald's global headquarters in Chicago, a major move for the brand, as it brought McDonald's offices from the suburbs to the city. The project, a ground-up, nine-story building, was constructed on the former site of Harpo Studios. Sterling Bay sold 110 N. Carpenter in 2020.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004642604\" data-id=\"1004642604\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_110NCarpenter-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_110NCarpenter-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_110NCarpenter-1.jpg?resize=300,185 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_110NCarpenter-1.jpg?resize=768,474 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_110NCarpenter-1.jpg?resize=1024,631 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Sterling Bay was selected as the developer of McDonald&#8217;s global headquarters in Chicago, a major move for the brand, as it brought McDonald&#8217;s offices from the suburbs to the city. The project, a ground-up, nine-story building, was constructed on the former site of Harpo Studios. Sterling Bay sold 110 N. Carpenter in 2020. Image courtesy of Sterling Bay<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"864\" alt=\"545wyn is a ground-up, 298,000-square-foot creative office and retail building in Miami's dynamic Wynwood neighborhood.\" class=\"wp-block-jetpack-slideshow_image wp-image-1004642606\" data-id=\"1004642606\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_545wyn-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_545wyn-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_545wyn-1.jpg?resize=300,216 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_545wyn-1.jpg?resize=768,553 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/SterlingBay_545wyn-1.jpg?resize=1024,737 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">545wyn is a ground-up, 298,000-square-foot creative office and retail building in Miami&#8217;s dynamic Wynwood neighborhood. Image courtesy of Sterling Bay<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<p>Well-known headwinds are creating a perfect storm of challenges for developers these days, but Chicago\u2019s <strong>Sterling Bay<\/strong>, known for creating innovative urban headquarters for the likes of Google, McDonald\u2019s, Dyson and Tyson Foods, is going full steam ahead. The company continues to extend its growth by diversifying from its origins in the office sector into significant life sciences, industrial and multifamily projects throughout the U.S.<\/p>\n<p><\/p>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background wp-element-button\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=781991\" style=\"background-color:#00aeab\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n<p><\/p>\n<div id=\"attachment_1004642599\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004642599\" data-attachment-id=\"1004642599\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sterling-bays-gloor-on-developing-office-in-interesting-times\/andygloor-ceo-sterlingbay\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Andy Gloor CEO-SterlingBay\" data-image-description=\"&lt;p&gt;Andy Gloor, CEO, SterlingBay&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Q&#038;A: Sterling Bay\u2019s Gloor on Developing in Interesting Times&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg?w=1024\" class=\"wp-image-1004642599 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg?w=300\" alt=\"Andy Gloor, CEO, SterlingBay\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004642599\" class=\"wp-caption-text\">Andy Gloor, CEO, SterlingBay<\/p><\/div>\n<p>Sterling Bay, which received <em>Commercial Property Executive<\/em>\u2019s \u201cDevelopment Company of the Year\u201d distinction as part of <a href=\"https:\/\/www.commercialsearch.com\/news\/celebrate-the-cpe-influence-winners\/\">the publication\u2019s 2022 Influence Awards<\/a>, has many more plans in the works. We recently sat with Andy Gloor, CEO of Sterling Bay, to talk about the industry and what makes his firm tick, as well as what\u2019s next.<\/p>\n<p><strong>With your company being recognized by <em>CPE<\/em> as \u201cDevelopment Company of the Year,\u201d what would you say are the keys to the company\u2019s success?<\/strong><\/p>\n<p><strong>Andy Gloor: <\/strong>It\u2019s the people. Over the last 15 years, we\u2019ve developed one of the most talented teams in the business, so it\u2019s definitely the people here who are the driving force as to why we\u2019re having the success we\u2019re having.<\/p>\n<p><strong>With the market changing, showing signs of weakening, in which property sectors do you see the greatest opportunities for Sterling Bay? <\/strong><\/p>\n<p><strong>Gloor<\/strong>: It\u2019s a challenging time in the real estate market. There\u2019s always going to be strong demand for multifamily in the right market for the right locations, and the same is the case for office. Right now, some folks out there are thinking that no one is going to come back to work, and everyone is going to work remotely, and I couldn\u2019t disagree more.<\/p>\n<p>It depends where you\u2019re at, whether it be multifamily, office or life science. What we\u2019re seeing in all aspects is that there\u2019s a flight to quality, and that\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/flight-to-quality-phenomenon-continues-to-play-out\/\">particularly true for office<\/a>. The markets that we\u2019re in, and the buildings that we\u2019re building, with the amenities, are going to continue to perform well, and some of the commodity product out there is going to continue to struggle, and that\u2019s for all property sectors.<\/p>\n<p><strong>So, you remain bullish on the office sector, even though it\u2019s facing headwinds, and the <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/tech-slowdown-weighs-on-office-sector\/\"><strong>increasing number of layoffs<\/strong><\/a><strong> are making the outlook even gloomier? <\/strong><\/p>\n<p><strong>Gloor<\/strong>: Not all office is created equal. It depends on the building, the market it\u2019s in and the city. I\u2019m not suggesting that all office will come out of this clean.<\/p>\n<p>You have to drill down into the product you\u2019re building and where you\u2019re building it. There will be winners and losers. The amenity-rich live\/work\/play environment, where there\u2019s scarce product, is going to win, and some of the other locations\u2014more commodity product\u2014are going to struggle.<\/p>\n<p><strong>What about location? Are there any markets that you feel hold the greatest opportunities now?<\/strong><\/p>\n<p><strong>Gloor: <\/strong>We\u2019re expanding in NFL cities around the country with life science, office, industrial and multifamily. If you look at demographic trends, the <a href=\"https:\/\/www.commercialsearch.com\/news\/sun-belt-boomtowns-ride-out-the-pandemic\/\">Sun Belt is experiencing enormous growth<\/a>, and I think those are going to be the strongest markets in the near term and, potentially, mid-term.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/where-are-most-corporate-relocations-taking-place\/\">5 States That Are Corporate Relocation Magnets<\/a><\/p>\n<hr>\n<p>I also think that cities like Chicago, New York and San Francisco, which had a tough two or three years, are going to rebound.<\/p>\n<p><strong>Are you facing any challenges due to the capital markets? Are lending conditions tightening, and are the higher interest rates impacting you?<\/strong><\/p>\n<p><strong>Gloor<\/strong>: Yes. The debt markets are not what they were six months or a year ago. At this moment in time, which will probably last for the first half of the year, if not the first three quarters, it\u2019s going to be difficult to get a construction loan, and if you do, you\u2019re going to have lower leverage, and it\u2019s going to cost you more.<\/p>\n<p><strong>You began your career as a tenant-side broker, and you joined Sterling Bay as a principal in 2002. How has the direction of the company changed due to your influence? <\/strong><\/p>\n<p><strong>Gloor<\/strong>: The biggest change with Sterling Bay is we\u2019re headquartered in Chicago, but now we\u2019re national. The second big change is that our history was office, but now we have four main verticals and growing\u2014life science, industrial, multifamily and office.<\/p>\n<p>We\u2019re leaning into all those verticals, not only in Chicago, but around the country. The ability to execute across the board is one of the great values of Sterling Bay and will be a reason for our success going forward.<\/p>\n<p><strong>Sterling Bay announced in August that it will be building the city\u2019s tallest timber-made building since the Great Chicago Fire. How are you integrating sustainable features into your other new builds?<\/strong><\/p>\n<p><strong>Gloor: <\/strong>Sustainability is a high priority for us in all product types. It was a lengthy approval process in Chicago for high-rise timber, but we\u2019d like to do a lot more of that timber product.<\/p>\n<p>Any new buildings that we\u2019re building right now are pushing the boundaries as it relates to being environmentally friendly because I think the long-term value is going to be tied to that as well.<\/p>\n<p><strong>What is your forecast for the commercial real estate market in 2023 and beyond? <\/strong><\/p>\n<p><strong>Gloor<\/strong>: Because of the debt markets, I think 2023 is going to start slowly. My hope is that in the third and fourth quarter, you\u2019ll start to see pickup, and I think in 2024, we\u2019ll start to see a significant rebound.<\/p>\n<p>But until most developers can go ahead and borrow, and borrow with decent leverage, I think it\u2019s going to be challenging. From where we sit, the tenant demand is there. The issue is going to be on the debt side.<\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=781991\" target=\"_blank\" rel=\"noopener\"><em>Read the February 2023 issue of CPE.<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The company\u2019s CEO talks about finding opportunities in tightening markets.<\/p>\n","protected":false},"author":888,"featured_media":1004642599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1521,44033],"tags":[],"class_list":["post-1004642037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-digital","category-executive-profiles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sterling Bay\u2019s Gloor on Developing Office in Turbulent Times - 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-bays-gloor-on-developing-office-in-interesting-times\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sterling Bay\u2019s Gloor on Developing Office in Turbulent Times\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s CEO talks about finding opportunities in tightening markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sterling-bays-gloor-on-developing-office-in-interesting-times\/\" \/>\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=\"2023-02-01T21:24:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-09T13:43:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/AndyGloor-CEO-SterlingBay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robyn Friedman\" \/>\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-bays-gloor-on-developing-office-in-interesting-times\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sterling-bays-gloor-on-developing-office-in-interesting-times\/\",\"name\":\"Sterling Bay\u2019s Gloor on Developing Office in Turbulent Times - 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