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Key Points
Bike-parts maker SRAM is partnering with local developer R2 to overhaul and partly occupy 550 West Randolph Street for its new global headquarters, moving east of its old Fulton Market turf.
The joint venture closed on the 168,750-square-foot property, with SRAM set to take about half the building. The full redevelopment is expected within 12 to 18 months, with completion steered toward 2027.
SRAM's move is unique because it gives the tenant an ownership stake (equity) in its future, forming a "developer-user joint venture" that R2 CEO Matt Garrison cited as making "a lot of sense."