Sterling Bay Refinances Fulton Market Office Building

The firm secured a $79 million loan for the 11-story property at 345 North Morgan Street.

Updated on Oct. 23, 2026 in Commercial

Sterling Bay Refinances Fulton Market Office Building

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Sterling Bay has finalized a $79 million refinancing deal for its office building at 345 North Morgan Street in Chicago. The new loan replaces a maturing $70 million construction debt previously held by Bank OZK.

Why it matters

The financing provides long-term stability for the 197,000-square-foot property as it maintains a high occupancy rate in the competitive Fulton Market area. It underscores the firm's continued efforts to manage its real estate portfolio through strategic capital shifts.

The 11-story building at 345 North Morgan Street is 94 percent leased and represents $178 million in future contractual rent revenue. Havi Group occupies nearly half of the structure with a lease extending through March 2039.

The players

Sterling Bay

This is a Chicago-based real estate development and investment firm that manages a significant portfolio of commercial office properties.

Bank OZK

This is a regional bank that frequently provides construction financing for large-scale commercial real estate developments.

Havi Group

This is a global company that provides supply chain and logistics services and serves as the primary tenant for the property.

DekaBank

This is a German financial institution that provides real estate financing and investment banking services.

The details

The transaction was executed by a venture tied to Sterling Bay to retire construction financing. The building, which was completed in 2022, serves as a primary office hub within the Fulton Market neighborhood.

2022: Construction of the 345 North Morgan Street building was completed.
January 2026: Sterling Bay attempted to sell the office property.
July 2026: Sterling Bay secured $213 million in refinancing for 360 North Green Street.
October 23, 2026: The $79 million refinancing news was reported.
March 2039: The lease held by Havi Group is scheduled to expire.

Culture Shift

The property aligns with the ongoing expansion of the Fulton Market Innovation District under the Chicago Zoning Ordinance. This development continues a trend of modern, amenity-rich office construction that has redefined commercial real estate in the city.

The refinancing ensures the continued operation of the office building, maintaining existing business activities for the large workforce employed at the site. Tenants and local service providers in Fulton Market can expect stability as the building remains nearly fully occupied.

The takeaway

Securing long-term financing allows property owners to stabilize assets despite fluctuations in the commercial real estate market. Investors and tenants should look for high occupancy rates and long-term lease commitments as primary indicators of property health.