Sterling Bay is seeking to sell the only completed building at its stalled Lincoln Yards megaproject, further signaling uncertainty for the 53-acre mixed-use development between Lincoln Park and Bucktown. The Chicago developer has tapped Eastdil Secured and Savills to market the empty eight-story, 284,463-square-foot property at 1229 W. Concord Place, finished in 2023 with partners Harrison Street Real Estate Capital and J.P. Morgan Asset Management. Conceived as a biotech hub, the building remains vacant amid stronger demand for life sciences space in Fulton Market.
The move follows Sterling Bay’s surrender of more than half the Lincoln Yards site to lender Bank OZK earlier this year, which is now under contract to sell that land to JDL Development and Kayne Anderson Real Estate for a residential project called Foundry Park. Sterling Bay and J.P. Morgan still control the southern portion of Lincoln Yards, including the Concord Place building, though they have considered selling that as well.
The effort comes ahead of next month’s maturity of a $125 million Bank OZK construction loan tied to the property. While the bank says the loan remains in good standing, the building’s sale offering was not lender-driven. Marketing materials promote the property as a “blank slate” for a major user in a tight high-end office market, with floors of 42,500 square feet and outdoor terraces overlooking the Chicago skyline.
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