JLL Secures $213M Refinancing From Barings for Sterling Bay's 360 North Green in Chicago's Fulton Market
JLL has arranged a $213 million refinancing for 360 North Green, a newly delivered, 500,000-square-foot office tower in Chicago's Fulton Market district, the firm announced Aug. 3, 2026. Barings provided the three-year loan to borrowers Sterling Bay and institutional investors advised by J.P. Morgan Asset Management.
Deal Details and Property Overview
360 North Green, located at 360 N. Green St. in Chicago's Fulton Market neighborhood, stands 24 stories tall and was delivered in 2024. The building was designed by Gensler and developed by Sterling Bay. The property is currently 76% leased to national credit-rated tenants, with Boston Consulting Group and Greenberg Traurig among the anchor occupants.
The building's amenity package includes two outdoor terraces per floor, a 4,000-square-foot roof deck, a 6,500-square-foot fitness center, outdoor conference space, a double-height lounge and bar, and the on-site Adalina Prime restaurant. The property also incorporates advanced building systems, integrated technology and wellness-focused design elements.
At 76% leased, approximately 120,000 square feet of space remains available for lease-up. The three-year loan term provides the ownership flexibility to complete that lease-up and stabilize net operating income before pursuing longer-term permanent financing or a recapitalization.
JLL Capital Markets Team and Borrower Commentary
JLL Capital Markets' Debt Advisory team representing the borrower was led by Managing Director Lucas Borges, Senior Managing Directors Geoff Goldstein, Danny Kaufman and Kelly Gaines, and Senior Analysts Emma Berner and Ryan Planek.
"The office market is bifurcated, capital and tenants are increasingly focused on trophy Tier 1 and 2 assets," Borges said. "Buildings like 360 North Green, with best-in-class amenities, prime submarket locations and strong credit tenancy, continue to attract financing because lenders know these assets deliver stable cash flows, retain long-term value and outperform the market."
Sterling Bay CEO Andy Gloor framed the deal within the broader transformation of Fulton Market. "Chicago's top companies are flocking to properties like 360 N. Green due to its centralized location and the tremendous quality of experience curated for tenants and their teams," Gloor said. "Demand for differentiated Class A assets in Fulton Market is driving a new consolidated business district. This investment underscores the vitality of the market and we look forward to the continued work alongside J.P. Morgan and Barings."
Fulton Market's Position in the Chicago Office Landscape
Fulton Market commands the highest rental rates in downtown Chicago at $82 per square foot gross, approximately 22% above the Central Business District average. Over the past five years, more than 4.5 million square feet of office headquarters relocations have moved into the former meatpacking district, with arrivals including McDonald's, CCC Information Services, Kimberly-Clark and JSSI.
360 North Green's location places it within a dense pedestrian corridor surrounded by more than 30 restaurants, including seven Michelin-star establishments and nine James Beard Award winners, as well as approximately 600 nearby parks. The building offers direct access to CTA bus and "L" rail stations.
The submarket's rent premium and sustained leasing activity from corporate headquarters tenants have helped establish Fulton Market as a core institutional office market. Barings' decision to provide the $213 million loan reflects institutional lender confidence in the submarket, even as many lenders have tightened terms or pulled back from commodity office assets elsewhere.
Broader Office Capital Markets Context
Office financing has remained highly selective in the current cycle, with institutional balance-sheet lenders and debt funds concentrating activity on trophy and well-leased assets in prime locations. The three-year loan structure reflects a broader pattern of borrowers and lenders opting for shorter, more flexible terms amid uncertainty around interest rates and long-term office demand trends.
J.P. Morgan Asset Management and Sterling Bay's decision to refinance rather than sell signals a hold-and-lease-up strategy, with the ownership group positioned to grow occupancy through the loan term.
JLL Capital Markets operates as a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. Sterling Bay manages a national portfolio of approximately 11 million square feet with a development pipeline carrying more than $5 billion in total project capitalization. Barings is a global institutional investment manager.
Sources
JLL Newsroom: Fulton Market trophy office tower 360 N. Green refinanced with $213M loan