HFF Lands Financing for Chicago Office Project

Sterling Bay and JP Morgan Asset Management are developing Fulton West Phase II in the West Loop.

By Ioana Neamt

Fulton West, Chicago
Fulton West, Chicago

ChicagoHFF has secured $78 million in construction financing for Fulton West Phase II in the city’s West Loop neighborhood. The company worked on behalf of the developer—a joint venture between Sterling Bay and institutional investors advised by J.P. Morgan Asset Management—to place the construction loan with Bank of America.

The nine-story, 290,699-square-foot Fulton West Phase II is scheduled for completion in 2017. The project will feature 261,129 square feet of creative office space, 18,429 square feet of ground-floor retail and a 610-stall parking facility. Amenities at the site will include a 24,000-square-foot landscaped courtyard, a 5,750-square-foot rooftop deck with views of downtown Chicago and a bike room, among others. The property will also provide easy access to a variety of transportation options, including the I-90, I-94 and I-290, the nearby Ashland and Lake and Morgan and Lake “L” stations. Shuttle service to the two downtown commuter rail stations will be provided from Fulton West.

An HFF debt placement team led by Senior Managing Director Michael Kavanau, Managing Director Tim Joyce and Associate Director Christopher Knight represented the borrower in the financing deal.

The Fulton West development located at 1330 W. Fulton St. is currently leased to high-profile tenants including Glassdoor, which will move into the building in the second half of 2017, Skender Construction and Sterling Bay. The bustling Fulton Market District continues to attract investor interest, including tech giant Google, which will be setting up its Chicago headquarters at 1KFulton, also developed by Sterling Bay.

Rendering courtesy of Fulton West