Sterling Bay Receives $413k Rebate From ComEd For 111 North Canal
Sterling Bay's improvements to 111 North Canal have paid off handsomely. The firm received a rebate check for $413k from ComEd, the second-largest rebate for a commercial real estate building in the history of ComEd's "Smart Ideas" program. [Pictured: Sterling Bay general manager Adam Devlin-Brown (left) and members of the 111 North Canal management team.]
The check reflects savings Sterling Bay realized from the replacement of 111 North Canal's chiller system and the installation of a building automation control system. According to ComEd, steps taken at the building saved more than 2M kWh, or enough energy to power 306 homes for a year.
Sterling Bay bought 111 North Canal for $111M in December 2012. The firm sold the 860k SF building to JP Morgan Asset Management in a $305M deal last year, but still manages the building.