Are construction starts in the West Loop basically cash in the bank? Sterling Bay's new project at 1330 West Fulton Market, turning a partially finished building into a nine-story office tower on spec, suggests that level of confidence. In a neighborhood brimming with construction, including the Googleplex and scores of related projects, adding 290,000 square feet of office space and 790 parking spaces without any tenant commitments seems like less of a gamble.
"At a time when demand far exceeds supply, speed to market is a definite advantage for the property," said Sterling Bay's Chloe Reaumond in a statement. "Tenants currently seeking space in the neighborhood are being turned away due to lack of existing product."
Previously a work in progress, the property was once pegged as a home for the consulting firm MarchFirst that only got as far as a three-and-a-half story skeleton before the company went bankrupt. Sterling Bay picked it up last January for $22 million and plans to open by late 2016. It'll join the company's other properties in the neighborhood, including 1K Fulton, the future Google office, and the Ace Hotel.
As befitting its trendy neighborhood, the future office complex will boast a fitness center, indoor bike storage, roof top deck and a 20,000-square-foot pocket park next door. What makes this an even better bet for Sterling Bay is that this office space will enter the market after Google has arrived; can't imagine there will be space left at that point in 2016.
·No tenants, no problem for Sterling Bay's next project [Crain's Chicago]
·Previous Sterling Bay coverage [Chicago Curbed]
·Previous West Loop coverage [Chicago Curbed]