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Chicago Developer Sterling Bay Cuts Staff

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Andy Glore in Stirling Bay (333 North Green Street) (Stirling Bay, Getty)

One of Chicago’s most prolific developers has cut its staff by about 5%.

Sterling Bey, the builder behind Google’s Fulton Markets office and $6 billion Lincoln Yards megadevelopment, “had to make the difficult decision” to remove 10 positions, a company spokesperson said. said. The company has about 185 employees, according to its website, and declined to comment further.

Job cuts continue to hit the headwinds of the recession and high interest rates, from large brokerages to landlords to developers across residential and commercial asset classes. Commercial Broker Layoffs Announced at Both CBRE and JLL, and at Home Brokers Nationwide compass needle When everywhere real estate has already announced layoffs for this year.Startup of Protech pacasso also laid off its employees at the end of last year.Moreover, anywhere Coldwell Banker real estate plan We are closing several offices in the Chicago area.

The staff cuts also follow Michael Keesey, former CFO of Stirling Bay. farewell road with the company. Keesey, who has been with the development firm since 2014, retired in August and is now CFO of Chicago-based real estate investment firm Partners Enterprise Capital. Sterling Bay’s new CFO Mike Beringer, who took over in November, previously worked at Blackstone-owned company Revantage, where he worked for more than five years. It is unclear whether changes in the company’s financial leadership influenced its decision to cut jobs.

Led by Andy Gloor and Keating Crown, the company has several major projects underway, including the construction of a 24-story, 490,000-square-foot office building. 360 North Green Street At Fulton Market, where Boston Consulting already claims 200,000 square feet. Ken Griffin’s Citadel has also been selected to build a new 1 million square foot office tower in Miami’s Brickell neighborhood. After a billionaire hedge funder announced he was moving his company from Chicago to South Florida.

Sterling Bay’s other notable projects in Chicago include Google’s offices at 320 North Morgan Street in Fulton Market and McDonald’s headquarters. 110 North Carpenter StreetThe company is working on its first commercial building, receiving city approval in 2019 for the 53-acre Lincoln Yards multi-stage project between Wicker Park, Bucktown and Lincoln Park neighborhoods. 1229 West Concord Placewhich is set up in Life Sciences Assets and is nearly complete.

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