Office Midwest

Sterling Bay Companies completes acquisition of 111 N. Canal St.

111-N-Canal-Rooftop

Sterling Bay Companies has completed the acquisition of 111 N. Canal St., an 860,000-square-foot office building in Chicago’s West Loop, known to the market as River Center.

Sterling Bay Companies has completed the acquisition of 111 N. Canal St., an 860,000-square-foot office building in Chicago’s West Loop, known to the market as River Center. Sterling Bay announced that multiple improvements will be made to the building, including a redesigned lobby and extensive rooftop amenity areas.

“We believe this is a great acquisition for Sterling Bay,” Andy Gloor, principal, Sterling Bay Companies, said. “The building has large, efficient floor plans, some of the best fiber connectivity in the city of Chicago, and is located in a submarket—the West Loop—that we think will only continue to grow and prosper.”

According to Gloor, the planned renovation elements include LEED gold certification, a comprehensive lobby and vertical transportation upgrade, improved common-area aesthetics, indoor executive parking, highly visible signage opportunities and outdoor areas with amenity rooms totaling 40,000 square feet.

The 16-story concrete reinforced loft building was constructed in 1918 and has 58,000-square-foot floor plates. It is approximately 70 percent leased to tenants that include Braintree and Level 3 Communications. A large block of 300,000 square feet is available on the top floors of the building.

In announcing the acquisition and repositioning plans, Gloor also announced that CBRE will serve as the exclusive property leasing team. Leasing will be led by Chris Cassata, senior vice president, and Chloe Reaumond, senior associate.

The location advantages of the 111 N. Canal office building include:

  • Prime location directly across the street from the Ogilvie Transportation Center, Chicago’s main commuter rail hub;
  • Minutes from the Madison Street entrance to Union Station;
  • Within walking distance to multiple CTA El and bus stops;
  • Two blocks from I-90/94;
  • Easy access to Chicago’s major banks, hotels and stores;
  • Within walking distance to some of the city’s best restaurants, nightclubs, theatres, and health clubs; and
  • An abundant supply of area parking.
The acquisition of 111 N. Canal caps off a busy and productive 2012 for Sterling Bay Companies. During the year, the company renovated a 230,000-square-foot industrial building at 400 S. Jefferson for the new headquarters of Hillshire Brands (2012 NAIOP Redevelopment of the Year), purchased and began the renovation of 1000 W. Fulton Market, a 545,000-square-foot office and retail development in the West Loop, and closed on the sale of 300 W. Adams, a 250,000-square-foot landmarked West Loop office building that was renovated and leased up during Sterling Bay’s ownership.