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Fulton Market trophy office tower 360 N. Green refinanced with $213M loan
JLL Capital Markets led the financing efforts for 360 North Green, a newly constructed, 500K SF tower developed by Sterling Bay in Chicago’s top performing market
JLL Capital Markets and Sterling Bay today announced a $213 million refinancing for 360 North Green, a newly constructed, 500,000-square-foot, ultra trophy office tower in Chicago, Illinois.
JLL worked on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management and Sterling Bay, to secure the three-year loan from Barings.
Designed by world-renowned architect Gensler and delivered in 2024, 360 North Green stands 24 stories tall and features advanced building systems, integrated technology and wellness-focused design alongside market-leading amenities. 360 North Green leverages Sterling Bay’s signature hospitality-focused amenities, including two outdoor terraces per floor, a 4,000-square-foot roof deck; a 6,500-square-foot fitness center; outdoor conference space; a double-height lounge and bar; and the Adalina Prime restaurant. The property is currently 76% leased to national credit-rated tenants, including Boston Consulting Group and Greenberg Traurig.
“Chicago’s top companies are flocking to properties like 360 N. Green due to its centralized location and the tremendous quality of experience curated for tenants and their teams,” said Andy Gloor, CEO of Sterling Bay. “Demand for differentiated Class A assets in Fulton Market is driving a new consolidated business district. This investment underscores the vitality of the market and we look forward to the continued work alongside J.P. Morgan and Barings.”
Strategically positioned in Fulton Market, the property is poised to capture strong tenant demand in one of the nation’s top-performing office markets. Fulton Market commands the highest rental rates in downtown Chicago at $82 per square foot gross, 22% above the Central Business District average, and continues to attract major corporate headquarters. Recent momentum underscores the district’s sustained appeal. Over the past five years, more than 4.5 million square feet of office headquarters relocations have transformed the former meatpacking district into Chicago’s premier urban office destination, with notable arrivals including McDonald’s, CCC Information Services, Kimberly-Clark and JSSI.
360 North Green’s location places it at the heart of Fulton Market’s vibrant pedestrian corridor. The property is surrounded by more than 30 critically acclaimed restaurants, including seven Michelin-star establishments and nine James Beard Award winners, as well as 600 nearby parks. The building offers exceptional transit connectivity, with immediate access to CTA bus and “L” stations.
JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Lucas Borges, Senior Managing Directors Geoff Goldstein, Danny Kaufman and Kelly Gaines and Senior Analysts Emma Berner and Ryan Planek.
“The office market is bifurcated, capital and tenants are increasingly focused on trophy Tier 1 and 2 assets,” said Borges. “Buildings like 360 North Green, with best-in-class amenities, prime submarket locations and strong credit tenancy, continue to attract financing because lenders know these assets deliver stable cash flows, retain long-term value and outperform the market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
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