Record sale in Fulton Market

By: Danny Ecker | 7.13.2021 | Crain's Chicago Business

An Australian family that made its fortune in the hospitality and casino industry is buying a boutique Fulton Market District property in a deal that will set the new high mark for a Chicago office building. Melbourne-based Zagame Family Group has an agreement to pay nearly $42 million for the newly built 45,380-square-foot building at 1100 W. Fulton Market, according to sources familiar with the deal. A sale at around $925 per square foot would top the $879 per square foot that a German investor paid in May 2020 for Mondelez International's headquarters building at 905 W. Fulton Market. Read More.... 

Photo by Fulton Street Cos.

Fulton Market's Office Sector May Recover Faster Than The Rest Of The CBD

By: Brian Rogal | 6/16/2021 | Bisnow.com

Big office leasing deals returned to Fulton Market this year, but like the rest of downtown, the neighborhood may have a long way to go before it fully recovers. Developers and landlords across downtown were caught by surprise when Covid shuttered offices, but the timing was worse for those active in Fulton Market, which was in the midst of a building boom. Developers delivered more than 2M SF since the beginning of 2020, in a neighborhood that started that year with about 5.5M SF of total inventory. And with leasing efforts basically shut down, the vacancy rate for Class-A buildings in Fulton Market soared from less than 15% in Q1 2020 to more than 34% by May of this year, according to a May market beat report from MBRE. Read More.... 

Photo by Gensler

Google's Fulton Market landlords cashing out

By: Danny Ecker | 6/2/2021 | Crain's Chicago Business

Real estate investors have struck deals to pay big bucks for Google's two office buildings in the Fulton Market District, more evidence of a swift return to normalcy for the trendy corporate corridor as effects of the COVID-19 pandemic wane. German real estate firm Deka Immobilien is under contract to pay about $169 million for the 207,000-square-foot office building at 210 N. Carpenter St., where the search giant opened a new office in 2019 for its growing local cloud computing team, according to sources familiar with the deal. And at Google's Midwest headquarters building a block north at 1000 W. Fulton Market, an undisclosed buyer has agreed to pay close to $360 million for the 10-story building, sources said. Read More....

Photo by CoStar Group

Texas developer planning two more Fulton Market towers

By: Jay Koziarz | 5/24/2021 | Urbanize.City

Dallas-based developer Trammell Crow Company is doubling down on its commitment to Chicago's Fulton Market District with plans to build a 410-foot-tall office tower and a 359-foot-tall apartment complex along Carroll Avenue between May and Aberdeen streets. Trammell Crow submitted a single zoning application for both buildings. Under the plan "Subarea A," currently occupied by a single-story industrial building at 315 N. May Street, will become a 26-story commercial tower with 650,000 square feet of office, 15,000 square feet of retail, and 184 parking spaces. Read More.... 

Photo from Urbanize.City

Plumbers Union (UA) Local 130 obtains $25 million building permit for seven-story West Loop parking garage

By: Mark Buckshon | 5/18/21 | ChicagoConstructionNews.com

The Plumbers Union (UA) Local 130 has obtained a $25 million building permit to construct a seven-story parking garage, the first stage of a project including a six story building at 1371 W. Randolph St. Specifically, the permit issued on May 14 says: “New construction of 7-story parking garage on caisson foundations. Building to include ground floor retail to be built out under separate permit. Site work includes surface parking lot.” Read More....

Photo by OKW Architects

Fulton Market developer plans massive apartment, office project

By: Danny Ecker | 5/18/21 | Crain's Chicago Business

One of the busiest real estate investors in the Fulton Market District over the past few years has lined up a deal to buy most of a city block near the corridor's western end, where it aims to develop a trio of buildings totaling 1.1 million square feet of apartments and offices. Teeing up what would be its largest project to date in the former meatpacking neighborhood, Chicago-based Fulton St. Cos. is under contract to pay roughly $40 million for more than half of the 1200 block of Fulton Street bounded by Racine and Carroll avenues and Elizabeth Street, according to Fulton St. co-founder Alex Najem. Read More....

Photo by CoStar Group

Mayor Lightfoot Announces Elite Transit Solutions Expands Presence with New Office in Fulton Market Neighborhood

By: Chicago.Gov | 5/17/21

Today, Mayor Lori E. Lightfoot announced Elite Transit Solutions (ELITE) expansion in Chicago, becoming its new central hub. Michael Johnson, CEO of ELITE, signed a multi-year office lease for 9,000 square feet in the newly refurbished 600 West Fulton building at Jefferson and Fulton Streets in Chicago's west loop and historic Fulton Market neighborhood. Chicago will anchor the company’s aggressive national expansion plan in the wake of its explosive growth. ELITE is a third-party logistics (3PL) leader in the freight management logistics industry, delivering innovative technology solutions for customers in food and beverage, OEM, industrial, and chemical companies. Read More....