CRE Midwest

Sterling Bay to buy River Center

Sterling Bay Cos. reportedly has agreed to purchase River Center, a 924,800-square-foot building at 111 N. Canal St.

Sterling Bay Cos. reportedly has agreed to purchase River Center, a 924,800-square-foot building at 111 N. Canal St. It is believed that the building could be sold for roughly $100 million, or about $110 a square foot, according to reports.

Fred Friedman, who directs leasing of the building, referred all questions to Sterling Bay. A Sterling Bay spokeswoman did not return phone calls.

River Center is at the heart of Chicago’s West Loop. The building stands directly across the street from the Ogilvie Transportation Center, and one block from the Union Station’s Madison Street entrance.

Managed on site for 30 years by the same owners, the building boasts 57,800-square-foot floor plates. The 16-story West Loop building, constructed in 1918, is 80 percent leased.

News of River Center’s sale comes as Chicago-based Sterling Bay is wrapping up a $51 million sale of an office structure at 300 W. Adams St. Sara Lee Corp. also is moving its North American Meats corporate headquarters in early 2013 to Sterling Bay’s building at 400 S. Jefferson St. In addition, Sterling Bay plans to convert the Fulton Street Cold Storage Building into high-tech office space.