Sterling Bay Cos. LLC agreed to sell its Fulton West office building in Chicago for almost $175 million, or more than $600 per square foot, to German real estate investor Commerz Real AG, Crain's Chicago Business reported, citing sources familiar with the deal.
The 290,000-square-foot property at 1330 W. Fulton St. was earlier expected to sell for up to $200 million. Sterling Bay and JP Morgan Asset Management purchased the building's site that encompassed a full city block for about $22 million in January 2014.
Sterling Bay is being represented by Eastdil Secured in the transaction. Commerz Real is a subsidiary of Germany-based commercial bank Commerzbank AG.
A spokeswoman for Sterling Bay declined to comment while a spokesman for Commerz Real could not be reached, according to Crain's.