Sterling Bay Cos. paid just over $23.5 million for a four-acre West Loop property where it is expected to build a data center, yet another project for one of the busiest developers in Chicago today.
The Chicago company in late October bought the site at 717-727 S. Desplaines St., along the east side of the Dan Ryan Expressway, from a group of investors including the chairmen of two Chicago-based real estate firms, Development Resources Inc.’s James DeRose and HSA Commercial Real Estate’s Jack Shaffer, Cook County records show.
In addition to that purchase, Sterling Bay also has completed two long-anticipated office acquisitions, paying $100 million for the River Center office tower at 111 N. Canal St. in the West Loop and $12 million for the Fulton Market Cold Storage building, a former warehouse it has begun converting into office space in the meatpacking district just to the northwest.
