Sterling Bay’s 345 North Morgan in Chicago’s Fulton market is the developer’s newest property, a … [+]
In recent years, while the fortunes of other Chicago neighborhoods have ebbed and flowed through economic cycles and a global health crisis, Fulton Market has remained the most stable of all corners from Windy City.
Located immediately west of the Loop central business district, the enclave’s popularity with developers, restaurateurs, office and retail tenants, home buyers and renters has remained nothing short of red-hot.
What was not long ago a run-down industrial and meatpacking area has transformed into what is arguably the Midwest’s focal point for chic lifestyles of living, working and playing. After cutting-edge restaurants and breweries and well-paid young professionals, a wave of high-profile employers followed in the region. The opening of McDonald’s global headquarters in 2018 set the tone for arrivals such as Teknion, Boston Consulting Group, Google Midwest. headquarters and US headquarters of Dyson.
Those who lament the decline of the city’s once-glittering “Magnificent Mile,” North Michigan Avenue, must admit that Fulton Market has picked up where Boul Mich left off.
Hold strong
Across Fulton Market, developers have discovered fertile ground for new projects.
Among the district’s most prominent developers is Sterling Bay, which has created more than $3 billion in office space, while also developing several residential properties.
The company’s latest is the 11-story boutique office building 345 North Morgan, which achieved 90% lease-up in less than a year, despite launching during the pandemic year 2021. Furniture maker Allsteel, which recently unveiled a 24,000-square-foot showroom, has led a migration of design firms to Fulton Market, attracted by its appeal to innovators.
“Our employees and customers can enjoy some of the city’s best restaurants, hospitality and cultural establishments right outside our door,” says Jennifer Petersen, Allsteel vice president of marketing. “The building’s flexible spaces and amenities, including the rooftop terrace and lounge, encourage collaboration and provide our team members with a great work experience.
Sterling Bay is also developing 360 North Green, a 24-story, 500,000-square-foot office tower designed by Gensler and scheduled for completion in 2024. The building is already 70% allocated to two major companies, a rarity these days.
“Fulton Market has grown from a former industrial warehouse district to the international retail destination it is today,” said Andy Gloor, CEO of Sterling Bay. “Fulton Market continues to defy pandemic trends as it is now home not only to global businesses, but also to the hottest new restaurants and bars, trendy hotels and residences designed for hospitality.
“Even in what has been considered a tough office market in Chicago and across the country, Fulton Market has seen tremendous success because employers know that to attract top talent, they must offer workspaces focused on people. amenities in an environment that encourages collaboration and creativity.”
Also on the rise
Of course, Sterling Bay is not alone on the Fulton market development scene. The 19-story 800 Fulton Market, from THOR Equities Group and QuadReal, is a Class A office building occupying an entire city block at North Green and West Fulton. Office tenants include DineAmic Hospitality, Inscape, The Aspen Group, John Deere and more.
Another office asset, the three-year-old Shapack Partners 167 Green Street development, is a 17-story, state-of-the-art amenity building whose office tenants include Foxtrot Headquarters, Hologram, The Oakville Grill & Cellar , WeWork and others.
Residential buildings include The Dylan, which topped out this year at 160 N. Morgan and will unveil 282 upscale apartments this fall, as well as a full suite of amenities and street-level retail. Another property is Related Midwest’s The Row, a 300-unit luxury rental building with amenities including a landscaped recreational deck and swimming pool. Not to be overlooked is 225 N. Elizabeth, a 28-story residential tower that represents Fulton Market’s second residential development from Sterling Bay.
Count on many more employers who will follow young professional residents into the neighborhood. “From large design firms to well-known professional services firms, everyone wants to locate in Fulton Market for its energy and vibrancy,” says Gloor. “And we expect this momentum to continue as we bring even more options to the region.” »