Sterling Bay Lands Chicago’s Biggest Office Lease This Year

Payment technology company Adyen has secured a foothold in Chicago’s Fulton Market district with a record-setting lease.

The Amsterdam-based firm inked a deal for nearly 97,000 square feet in the Sterling Bay-owned office property at 333 North Green Street, CoStar reported. It is Chicago’s biggest lease this year, excluding renewals and expansions.

The deal was brokered by JLL’s Scott Becker on behalf of Adyen, while Sterling Bay was represented by its own Russ Cora.

Fulton Market, once a hub for the city’s meatpacking industry, has transformed into one of the most desirable office markets in Chicago in recent years, due in part to Sterling Bay developments.

Recent projects in the Fulton Market neighborhood include Sulo Development’s planned three-tower condominium complex, the largest condo project ever proposed in the area.

Vista Property is also contributing to the area’s growth. The New York-based developer is gearing up to construct a 32-story apartment building with about 500 units at 370 North Morgan Street. Another notable development is Trammell Crow’s 34-story apartment tower at 1114 West Carroll, which is in lease-up.

Adyen has been operating out of a WeWork space nearby during the search for a permanent space.

Adyen’s lease brings the 19-story building to full occupancy, a rarity given hybrid and remote-work trends and distress facing some of Chicago’s commercial landlords.

The lease gives Ayden room to accommodate growth, including future workforce expansions. With clients including Meta, Uber, Spotify and eBay, Adyen is already one of the most recognized players in the financial technology space.

— Andrew Terrell