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Construction Tops Out at 160 N Morgan, Sterling Bay’s First Residential Building in Fulton Market
Leading Chicago-Based Developer Celebrates Project Milestone, Reaching 29-Stories at New Luxury Living Property
CHICAGO – (March 8, 2023) Earlier today, Sterling Bay celebrated the structural completion of 160 N Morgan, the firm’s first residential building in Fulton Market. A topping out event was hosted on-site and attended by Sterling Bay’s project leadership team, as well as partners at Walsh Construction, Bowa Construction, bKL Architecture, Ascentris, and CIBC, marking the milestone with a traditional beam signing ceremony. As Sterling Bay’s first residential development in Fulton Market—the Chicago neighborhood in which the firm has developed over $3B of award-winning office assets—160 N Morgan will deliver 282 units of high-end, modern living space designed to accommodate the area’s growing workforce population.
“Like many cities across the country, Chicago is experiencing an increased demand for high-end residential, particularly when it comes to rental options,” said Andy Gloor, CEO of Sterling Bay. “160 N Morgan is the first of many hospitality-inspired residential buildings that Sterling Bay will deliver to meet the moment in Chicago, with more like it coming soon to both Fulton Market and Lincoln Yards.”
Adjacent to the Morgan CTA Station and Randolph Row, this sophisticated residential tower will accommodate the neighborhood’s young modern workforce. 160 N Morgan offers an amenity terrace featuring fireplaces, lounge seating, and grill stations, as well as an exterior rooftop pool deck with cabanas. Residents will also enjoy a fitness center with state-of-the-art equipment, a training room for personal and group workouts, and an outdoor fitness deck. Interior shared spaces provide a resident lounge, kitchen/bar area with commercial appliances, and coworking spaces with private meeting rooms. Dog owners will have access to a pet washroom and a covered outdoor dog run.
160 N Morgan is being developed in partnership with Ascentris, a Denver-based real estate private equity firm who is also partnering with Sterling Bay on the 225 N Elizabeth residential development. The project’s capital structure includes senior-secured financing from CIBC Bank USA, headquartered in Chicago.
This development of 160 N Morgan is part of ongoing efforts to provide increased housing options to Chicagoans, particularly housing that meets the city’s ARO requirements. At 160 N Morgan, Sterling Bay has created 28 affordable units on-site, and contributed nearly $6M to fund the construction of affordable housing at SL Solar Lofts, a 47-unit residential project developed on Chicago’s south side by 548 Capital, a local development firm owned by A.J. Patton.
Designed by Chicago-based bKL Architecture, 160 N Morgan features masonry and metal materials throughout, seamlessly blending into Fulton Market’s industrially inspired surroundings. A custom art mosaic on the north façade and a locally designed mural on the terrace will add to the neighborhood’s street-level art experience. Walsh Group is leading construction alongside joint venture partner and certified minority-owned business BOWA Construction.
Pre-leasing for 160 N Morgan will open in July, with the first units expected to deliver to tenants in September. For more information on the development, please visit sterlingbay.com.
ABOUT STERLING BAY
Sterling Bay is a national real estate company that boldly transforms spaces, industries, and communities across the country. Known for creating connected and collaborative spaces for world-class companies such as Google, McDonald’s, WPP, Pinterest, Dyson, and Citadel, Sterling Bay is consistently recognized for award-winning projects that enhance culture and create economic opportunity. The firm’s team of 185 professionals manages a portfolio exceeding $20 billion in real estate assets across the creative office, industrial, residential, and life sciences sectors. For more information, visit sterlingbay.com.
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