CHICAGO-Sterling Bay Cos. has closed the acquisition of a two-story Art Deco building spanning 56,000 square feet at 1040 W. Randolph Street for a price of roughly $4.7 million. Schaumburg Bank & Trust offered a $5.3 million loan for this acquisition. Sterling Bay occupies a 15,000-square-foot space in the structure with plans to use the property as its long-term home.
The office building was facing an $8.3 million foreclosure suit filed by Northbrook Bank & Trust against its previous owners. For the full story, go to Crain's Chicago Business .
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