For-Sale Chicago Building Pitched as High-End Office Space

Developer Sterling Bay has put the only finished building in its stalled Lincoln Yards 53-acre mixed-use development between Lincoln Park and Bucktown in Chicago — an eight-story, 284,463-ft² property at 1229 West Concord Place — up for sale, the Council on Tall Buildings and Urban Habitat reports, citing Chicago Business. The Chicago developer previously surrendered more than half of the Lincoln Yards site to the lender, and it is now under contract to JDL Development and Kayne Anderson Real Estate for a residential development called Foundry Park. The push to sell 1229 West Concord Place — pitched as a “blank slate for a major user in a tight high-end office market” — comes ahead of maturity of a US$125 construction loan, which lender Bank OZK said is in good standing.