Sterling Bay and Ascentris Enter Joint Venture to Develop 160 N Morgan in Chicago’s Fulton Market
Chicago, IL (Jan 5, 2022) – Chicago’s premier real estate investment and development firm, Sterling Bay, and Ascentris, a Denverbased real estate private equity firm, announced a joint venture (“JV”) to develop 160 N Morgan, a Class A residential tower with ground-floor retail in Fulton Market. The JV combines Sterling Bay’s track record for success in developing world-class, experiential spaces with Ascentris’ expertise in luxury multifamily real estate investment, strengthening both partners’ ability to expand their footprints in Chicago’s residential real estate market.
“Sterling Bay is pleased to partner with Ascentris to bring a new standard for residential development to Chicago’s top-performing submarket, Fulton Market,” said Andy Gloor, CEO of Sterling Bay. “The city is experiencing a boom in modern, highly amenitized residential development, a niche that Sterling Bay has become known for in its development of future-forward spaces like McDonald’s Global Headquarters and Google’s Midwest Headquarters. Forming a JV with Ascentris now allows us to access their team’s decades of investment knowledge and operational experience in the multifamily space – it’s an excellent complement of skillsets, and we look forward to bringing our teams together to deliver an incredible building.”
Once complete, 160 N Morgan, which received City Council approval in October 2021, will feature 29-stories of Class-A multifamily apartments and ground-floor retail conveniently located in the heart of Chicago’s most popular “live-work-play” neighborhood. Situated directly across from one of the area’s most accessed public transit options, the CTA Morgan Station, the building will house 254 marketrate residential units, 28 affordable residential units, 89 parking spaces, 2,600 rentable square feet of ground-floor retail, and a top-of market amenity package including a private outdoor amenity deck, fitness center, and rooftop pool. Designed by renowned bKL Architecture, 160 N Morgan will feature high-quality glass, masonry, and metal construction that will seamlessly integrate with the neighborhood’s character as a former industrial meatpacking district turned international destination for business and culture.
“Ascentris is incredibly excited to partner with Sterling Bay, whose track record of developing beautifully designed places in Chicago is second-to-none.” said Gabe Finke, CEO of Ascentris. “160 N Morgan is an excellent site within Fulton Market which, in addition to being one of the most exciting micro-markets in the nation, is also Sterling Bay’s backyard. With Sterling Bay’s intimate familiarity of Fulton Market and its exceptional team, Ascentris believes that 160 N Morgan will be a great addition to the neighborhood.” 160 N Morgan is expected to break ground in Q1 2022 and complete construction in Q4 2023. For more information on the property and its many features, please visit sterlingbay.com/properties/160-n-morgan.
About Sterling Bay
Sterling Bay is an experience-driven real estate company that places people at the center of design. Known for creating innovative, connected, and collaborative spaces for world-class companies such as Google, McDonald’s, WPP, Pinterest, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that transform space, enhance communities, and strengthen a company’s culture and brand. Sterling Bay’s team of more than 185 professionals is responsible for a portfolio exceeding $5 billion, and a development pipeline of more than $12.4 billion.
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at https://ascentris.com/.