CHICAGO, 20 August 2024 /PRNewswire/ — Sterling BayThe ChicagoThe Chicago-based real estate investment and development firm and Wheelock Street Capital today announced the sale of Hyatt House Chicago / West Loop-Fulton Market. Located at 105 N May Street in the West Loop/Fulton Market neighborhood, the 200-room extended-stay hotel features 55,000 square feet of ground-floor retail space that is now fully leased to popular breakfast restaurant The Original Pancake House.
“Hyatt House was an exciting and important development for Fulton Market and we are pleased that the property was fully leased prior to the sale,” said Andy GloorCEO of Sterling Bay. “Our ability to work closely with Wheelock to successfully manage such a project from construction through financing, leasing and sale is a testament to our team’s incredible track record in commercial real estate development.”
This sale is the latest activity in a series of Fulton Market offerings for the company, which views the properties as opportunities to further its development vision in Chicago.
The Original Pancake House will operate its sixth Chicago location – and first in Fulton Market – in the ground floor retail space of the Hyatt House, bringing an accessible, family-friendly breakfast option to Fulton Market’s bustling restaurant scene. The restaurant is scheduled to open in late spring or early summer 2025.
Since Sterling Bay and Wheelock opened Hyatt House in 2019. The 200-room property is the only extended-stay and Hyatt-branded hotel in the neighborhood. Designed by Eckenhoff Saunders Architects, the hotel has welcomed thousands of guests seeking to take advantage of Fulton Market’s array of business, dining and entertainment options. Hyatt House builds on the neighborhood’s live-work-play environment with its own amenities, including an indoor rooftop pool, a sky deck with expansive city views, a fitness center and a full-service lobby bar.
ABOUT STERLING BAY
Sterling Bay is an experience-led real estate company boldly transforming spaces, industries and communities across the country, driving growth and opportunity at every turn. 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 regularly recognized for award-winning projects that empower communities and strengthen a company’s culture and brand. Sterling Bay Team of more than 185 professionals is responsible for a portfolio of over 5 billion US dollarsand a development pipeline of more than 20 billion US dollarsFor more information, see www.sterlingbay.com.
ABOUT WHEELOCK STREET CAPITAL
Wheelock Street Capital LLC. is a private real estate investment firm founded in 2008 by Rick Kleeman And Jonathan Paultwo experienced real estate private equity investors, each with over 30 years of comprehensive experience in real estate transactions across all major asset classes. Wheelock has over 5 billion US dollars of capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United Statesin both public and private markets. Wheelock is currently deploying its seventh fund in its Value-Added Series, the Wheelock Street Real Estate Fund VII with 1.2 billion US dollars of capital commitments and its first perpetual life fund, the Wheelock Street Long Term Value Fund with 1 billion US dollars of capital commitments. The firm can invest directly or with high-caliber joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings and recapitalizations. Wheelock’s investment team benefits from extensive experience at top-tier institutional investment firms and highly regarded real estate companies and has a 10+ year track record of proven and consistent outperformance versus industry benchmarks.
ABOUT THE ORIGINAL PANCAKE HOUSE CHICAGOLAND
The Original Pancake House is a third and fourth generation family business that is located in Portland, Oregon in 1953. The company takes great pride in offering a high quality breakfast using only the finest ingredients and making all doughs, sauces and syrups from scratch every morning. The Sczurek family has continued these wonderful traditions in Chicago for over 50 years. They are excited to open their sixth location and bring their breakfast expertise to the Fulton Market neighborhood. For more information, visit www.ophchicagoland.com.
SOURCE Sterling Bay
