Sterling Bay Secures Chicago’s Largest Office Lease of 2024

According to The Real Deal, Amsterdam-based payment technology company Adyen inked a record-setting lease in Chicago’s Fulton Market, taking nearly 97 KSF at 333 North Green Street. 

Record-Setting Deal

The transaction, brokered by JLL on behalf of Adyen and Sterling Bay in-house, marks the largest office lease in the city this year, excluding renewals and expansions.

Adyen’s move fills the 19-story Sterling Bay-owned building, a noteworthy achievement amid hybrid work trends and mounting pressures on Chicago’s commercial landlords.

Fulton Market’s Appeal

The Fulton Market district has evolved from its industrial roots into one of Chicago’s most vibrant office and residential markets. 

Sterling Bay has been at the forefront of this transformation, with developments like 333 North Green Street attracting tenants seeking modern office spaces in a dynamic neighborhood.

Adyen, which had been operating from a nearby WeWork space, selected Fulton Market for its ability to support future growth. The firm, whose clients include Meta, Uber, Spotify, and eBay, now has a base of operations that aligns with its status as a leader in financial technology.

Other major projects in the area also underscore Fulton Market’s appeal:

• Sulo Development is planning a three-tower condominium complex, the largest ever proposed in the district.
• Vista Property is set to build a 32-story apartment building with 500 units at 370 North Morgan Street.
• Trammell Crow recently completed a 34-story apartment tower at 1114 West Carroll, now in lease-up.

Why It Matters

Adyen’s Chicago lease highlights the continued strength of Fulton Market as a premier destination for office tenants, even as other areas of the Windy City struggle with high vacancies and remote work trends. 

For Sterling Bay, filling 333 North Green Street to full occupancy demonstrates the enduring demand for well-located, high-quality office space in a challenging market.

As Fulton Market continues to attract marquee tenants and large-scale developments, it cements its reputation as a thriving hub for business and residential growth in Chicago.