Sterling Bay Sells 207,000 SF Office Building in Chicago’s Lincoln Yards for $110.2M

CHICAGO — Sterling Bay has sold 1515 W. Webster, a 207,000-square-foot office building at Lincoln Yards in Chicago for $110.2 million. Constructed in 2018 on the site of the former Gutmann Leather Tannery, the fully leased property was the first office development completed at Lincoln Yards, Sterling Bay’s mixed-use development located along the North Branch of the Chicago River. A global third-party logistics provider occupies the four-story building, which includes open workstations, private offices, conference rooms, two reception areas, a café and a 5,000-square-foot terrace. David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee of Cushman & Wakefield marketed the property for sale and procured the buyer, Apex Capital. The sale was Chicago’s fourth-largest office sale price of 2020, according to Sterling Bay.