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Sterling Bay Completes $510M Buy of Groupon HQ

The purchase is just the latest in a string of high-profile projects for Sterling Bay

chi-600westchicago3 (2) 600 West Chicago once held Montgomery Ward’s catalog warehouse.

CHICAGO—The pace of significant office sales in Chicago had slowed down, but Sterling Bay just completed one of the largest in years. The Chicago-based real-estate developer and investor, along with institutional investors advised by J.P. Morgan Asset Management, have acquired for $510 million the approximately 1.65-million-square-foot former Montgomery Ward catalog warehouse located at 600 W. Chicago Ave. from Sam Zell’s Equity Commonwealth.

Located on the east side of the Chicago River’s North Branch, the property, now home to Groupon, is 94% leased. In addition to Groupon, tenants include Echo Global Logistics, Uptake Technologies, Jump Trading, Big Ten Network and venture capital firm Lightbank.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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