Sterling Bay will soon begin construction on an 11-story office development at 345 N. Morgan Street in the West Loop. The prolific Chicago developer scored a full building permit for the project earlier this week and plans to break ground later this summer, according to a Sterling Bay spokesperson.
The 230,000-square-foot development received a foundation permit and reportedly secured construction financing back in March 2020, just as the COVID pandemic was turning the world upside down. Sterling Bay's plan to now move ahead with the 345 N. Morgan project—which is also marketed under the name "Three Four Five"—is an encouraging sign for Chicago's commercial real estate market.
The building replaces a vacant lot near Google's midwest HQ at 1K Fulton and is just north of the Sterling Bay-developed Ace Hotel. Although Google was reportedly eyeing office space in Three Four Five, Sterling Bay says it is currently engaged in "active discussions with a number of prospective tenants" and will share more leasing information when it is available.
Designed by Eckenhoff Saunders Architects, the project features a cast-in-place concrete construction wrapped in a masonry facade. Tenants floors boast 13- to 16-foot ceilings and large windows. The development also includes ground-floor retail, a 34-car parking garage, and an 11th-floor tenant amenities deck.
"The building has been designed with an eye toward health and flexible space that speaks to a next-gen office user," said Sterling Bay in a statement to Urbanize. "The space will be highly customizable to meet changing tenant demands, featuring ultra-modern amenities such as expansive outdoor lounges, a top-floor conservatory, a co-working library, and indoor air quality systems that circulate 50 percent more fresh air than the typical commercial office building."
Additionally, Sterling Bay says 345 N. Morgan offers "an unmatched construction timeline." Tenants can design and occupy a custom space in the upcoming building in as little as 13 months, which is 11 months quicker than a typical 24-month timeline. The building only required only minor adjustments to accommodate the evolving health and wellness concerns of tenants, according to the developer.
Sticking to that construction timeline and a late summer groundbreaking date, expect to see Three Four Five open in late summer/early fall 2022. The building permit lists Skender Construction as the general contractor.