Sterling and J.P Morgan Form JV

CHICAGO—Sterling Bay Companies began buying up properties in the Fulton Market area several years ago, and has made itself into a leader in the effort to transform the former industrial district into a top-flight office hub. And yesterday it took another step toward that goal by entering into a joint venture with institutional investors advised by J.P. Morgan Asset Management.

Sterling Bay will contribute the Fulton Market assets it has acquired to the venture and J.P. Morgan will co-invest and co-develop the properties with Sterling Bay. As reported in GlobeSt.com, in March Sterling completed the $22 million acquisition of Fulton West, a portfolio of existing and partially completed office, retail and parking facilities.