CHICAGO | Lincoln Yards

[Randomguy34]

Novak Construction is buying the southern half of Lincoln Yards.

Buyer emerges for southern slice of stalled Lincoln Yards

Novak is finalizing a deal to purchase more than 18 acres along the Chicago River between Lincoln Park and Bucktown from a venture of Chicago developer Sterling Bay and New York-based J.P. Morgan Asset Management, people familiar with the matter confirmed. The property was slated to become the southern portion of the $6 billion, 14 million-square-foot Lincoln Yards megaproject for which Sterling Bay won city approval in 2019.

In a separate transaction, Novak is also closing in on the purchase of the 284,463-square-foot building on the southern edge of the property at 1229 W. Concord Place, sources said. The contractor is poised to buy that empty property — built during the pandemic to accommodate life sciences research tenants that never came — from a venture of Sterling Bay, J.P. Morgan and Chicago-based Harrison Street Real Estate Capital, which have been marketing it for sale in recent months.

The pending purchase price for the land and building were not immediately clear, but Novak CEO John Novak confirmed the price for the land was well below the roughly $200 million that Sterling Bay and J.P. Morgan had spent assembling the property, according to industry publication Real Deal Chicago, which first reported Novak's agreement for the land.

https://www.chicagobusiness.com/commerci...ction-buy-southern-portion-lincoln-yards