Mesa West Originates $220M Loan to Refinance Chicago’s 1KFulton Office Building
. The building features efficient floor plates up to 71,000 square feet with 11-foot floor-to-ceiling glass and 12-foot slab-to-slab height.
CHICAGO — Mesa West Capital has provided Sterling Bay $220 million to refinance 1KFulton, a 10-story, 535,000-square-foot office building in Chicago’s West Loop. The property will serve as Google’s new regional headquarters. Other tenants include bicycle gear maker SRAM International Corp. and Venture Capital firm Sandbox Industries. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. The building features efficient floor plates up to 71,000 square feet with 11-foot floor-to-ceiling glass and 12-foot slab-to-slab height. Additionally, select property amenities include a subterranean parking garage, fitness center and unmatched rooftop common areas as well as easy access to the newly completed Morgan & Lake CTA stop located one block south of the property. Local development firm Sterling Bay acquired the former Fulton Market Cold Storage warehouse in 2012. The nearly 100-year-old vacant 10-story structure is now a state-of-the-art LEED Gold certified office and retail building. Michael Kavanau, Tim Joyce and Christopher Knight of HFF arranged financing. The building was 88 percent leased at the time of financing.