CHICAGO-In another example of suburban companies moving downtown, private equity firm Sterling Partners has agreed to lease 23,000 square feet at 401 N. Michigan Ave. The company will move 50 employees to the building from its current Northbrook, IL office by this fall.
The firm is moving from smaller space, according to a company spokesman. Jarrett Annenberg, an associate at CBRE, tells GlobeSt.com that Sterling is taking a full floor at 401 N. Michigan Ave. The 35-story office tower, about 70% leased, has an enclosed connection to the University of Chicago Business School.
Sterling just recently bought a majority stake in the Tribeca Flashpoint Academy, a 600-student digital media art college, located a 111 W. Washington in the downtown. New York City-based Tribeca Enterprises will continue to own a minority share in the school
Sterling Partners has interests in other college-related firms downtown, including Kendall College, School of Rock and Sylvan, and relationships with the University of Chicago and Northwestern. “We want to create an environment that stimulates great ideas for us and our portfolio companies,” said Steven Taslitz, chairman and co-founder, in a statement Monday. “The resources and talent that reside in the heart of Chicago will serve as a catalyst to be better, more thoughtful and creative partners.”
There have been a number of companies this year that have announced plans to move from the suburbs to the downtown, including most recently the Chicago Bulls basketball team. Attracting corporate headquarters to Chicago is a key element of the city’s Plan for Economic Growth and Jobs, which was created by World Business Chicago at Mayor Rahm Emanuel’s request.
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