Fulton Street Cos. has landed financial backing for its 919 West Fulton office project in Chicago’s downtown area. The company secured $233 million in both equity and debt for the 360,000-square-foot development. SNK Capital provided an undisclosed amount of equity, while Bank of the Ozarks and Manulife provided financing.
FSC is developing the 11-story office building along with JDL Development, and has tapped Skender Construction as general contractor and Shanna Khan as lead designer; Morris Adjmi Architects provided architecture services. The $300 million project also known as 919 on Fulton has already broken ground, with completion expected in the first quarter of 2025.
READ ALSO: Return-to-Office Push Meets Hybrid Work Era
The office building will be the tallest in the Fulton Market Historic District, with floorplates between 25,000 and 40,000 square feet. Amenities are to include a conference center, 24/7 fitness center, tenant lounge, 40,000 square feet of ground-floor retail and outdoor terraces on each floor. Once complete, Colliers will be tasked with property management of 919 West Fulton.
Madison Rose’s Matt Pistorio is handling leasing at the property. The development has already landed an anchor tenant through a 112,000-square-foot lease with investment management firm Harrison Street.
Located at the corner of Fulton Market and Sangamon Streets, the property has nearby access to Fulton Market District’s many retail and restaurant offerings.
Building out Fulton Street
The Chicago-based FSC has specialized itself in developing commercial and residential projects in the Fulton Market District. The company’s current projects on Fulton Street include 1045 West Fulton, a 160,000-square-foot office building with ground-floor retail, and 1100 West Fulton, the redevelopment of a 15,000-square-foot former meatpacking facility.
Once home to warehouses and meatpacking facilities, Fulton Market District is now an area with luxury apartments and high-end retail destinations. The neighborhood has attracted other developers such as CRG and Shapack Partners, which acquired a former food processing facility for $60 million with plans to redevelop it into a $441 million mixed-use development.