Sterling Bay, Skender Construction Agree to Fulton West Lease
Sterling Bay signed its first tenant to a long-term lease at its under-development Fulton West at 1330 W Fulton. Skender Construction agreed to a 13-year lease for 295k SF at the building, with plans to move there from 200 W Madison in autumn 2017.
It's a major upgrade in floor space for Skender, which occupies 22k SF at 200 W Madison. That's an increase of more than 700% in office square footage. Sterling Bay plans to move some of its employees to 41k SF in Fulton West by mid-2017; it will keep its offices at 1040 W Randolph open, reports Crain's.
The reason for the long-range moves? Sterling Bay has been waiting for the city to sign off on the estimated $100M project, which has been a skeleton structure for over a decade. Sterling Bay expects construction to begin in Q1 2016. [Crain's]