Sterling Bay selling historic River North building

Andy Gloor and Tao Chicago

Sterling Bay is selling the historic River North building home to the new Tao Chicago nightclub and restaurant.

The Chicago-based developer hired Baum Realty Group to market the 34,000-square-foot property at 632 North Dearborn Street, according to Crain’s. Sterling Bay bought the 126-year-old building in 2014 for $11.5 million from the operator of Castle, according to Cook County property records.

Sterling Bay’s hospitality offshoot Four Corners and Madison Square Garden-owned Tao Group spent $25 million renovating the building before the new club and eatery opened in September.

Tao Chicago has a 20-year triple-net lease on the building that comes with “substantial rent increases” throughout the term, according to a marketing flyer for the property. The property benefits from a Class L property tax status as a refurbished Chicago landmark, the flyer said.

Sterling Bay continues to be one of the key players in the ongoing transformation of Fulton Market. [Crain’s]John O’Brien

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