The Real Deal Chicago

MAB Capital selling site of once-planned Fulton Market office complex

After demolishing the former building at 450 North Morgan St., MAB is looking to sell the lot
By John O’Brien | August 08, 2018 10:00AM

450 North Morgan Street and MAB’s Marc Bushala (Credit: Reed Construction and Rock Gate Partners)

MAB Capital Management wants to sell a Fulton Market site where it once planned a five-story office building with ground-floor retail.

The Chicago-based firm led by Marc Bushala is looking to cash out on the property at 450 North Morgan Street as other developers continue to bet big on Fulton Market, particularly for office projects.

MAB bought the parcel in 2015 for $1.9 million, according to Cook County property records. It then demolished the former Northwest Meats complex in preparation for its planned five-story, 52,000-square-foot building.

MAB even secured a building permit for the project last year, pegging its cost at $8.5 million in the application. It would have included a second-floor parking garage for 35 vehicles and two rooftop decks, Curbed reported at the time.

Now MAB has hired NAI Hiffman to market the 14,000-square-foot property to potential buyers.

The brokerage said the site is being offered without an asking price on an all-cash basis. NAI Hiffman marketing materials note the building permit is valid through the end of next year, with possible extensions, and that MAB secured a zoning change on the property for it. The site allows for a floor area ratio of up to 3.5.

NAI Hiffman’s Lawrence Much and Ted Staszak are handling the listing.

A slew of new office space is coming to Fulton Market, including 1.7 million square feet that Sterling Bay is developing on Green Street, along with other projects from Shapack Partners, Mark Goodman & Associates, and other developers.