In a deal that shows Fulton Market’s appeal to a wide range of companies, developer Sterling Bay said Boston Consulting Group will relocate from downtown to a new building planned in Fulton Market.
The management consultancy will lease 250,000 square feet, or about half of a building Sterling Bay and J.P. Morgan Global Alternatives plan at 360 N. Green St. Construction on the $288 million building is expected to start this summer, with completion in 2025.
Sterling Bay announced the 15-year lease Thursday but it has been widely known in real-estate circles for weeks. Brokers see the move as a sign that companies ordinarily drawn to a downtown high-rise are getting comfortable with the emerging office scene on the Near West Side. Technology companies and corporate headquarters have headed to Fulton Market, often because younger workers want to live nearby.
Some experts believe a large law firm might soon make a similar jump from the Loop.
“Fulton Market is Chicago’s top destination for businesses and continues to attract a wide array of distinguished companies that desire modern workspaces located in neighborhoods that their employees can picture themselves living in,” said Andy Gloor, CEO of Sterling Bay. “The relocation of a firm like BCG signals even more opportunity for future growth in this vibrant neighborhood.”
The move will involve about 1,000 employees at Boston Consulting, which will leave the riverfront tower at 300 N. LaSalle St. Brad Martens, the firm’s Chicago office leader, said the “vibrant neighborhood will be a magnet for our recruits, and the state-of-the-art office will enable new forms of collaboration between our teams and our clients.”
The 25-story building will include amenities that have become popular with the pandemic, such as an expansive fitness deck and indoor and outdoor lounge areas. Tenants have asked for amenities that will make more employees want to come back to an office.
The 360 N. Green site had been a parking lot. The building will include a garage for 90 cars.