The office building that's come to define Fulton Market's status as one of Chicago's hottest office markets is changing hands. Sterling Bay is nearing a deal to sell 1K Fulton to American Realty Advisors for a reported $305M.

Sterling Bay put the building on the market in February, almost assured it would attract tons of offers. The firm bought the former Fulton Market Cold Storage building for $12M in 2011, just as the area was beginning its shift into the epicenter of Chicago's tech office. The 10-story building is best known as Google's Midwest HQ. Other notable tenants include Swift & Sons steakhouse, Sandbox Industries and bicycle parts manufacturer SRAM, whose offices span the old structure and a newer building Sterling Bay built next to it.

If the sale price holds, it breaks down to $574/SF, according to Crain's. That would be the third-highest per SF price for an office sale in the city's history. The sale gives 1K Fulton a 4.5 cap rate. [Crain's]