The Real Deal Chicago

Shapack Partners’ new Fulton Market tower at capacity with 2 new leases


The neighborhood’s newest office building was leased up quickly, showing the area’s popularity

October 15, 2018 04:30PM

811 West Fulton Street (Credit: Shapack)

Shapack Partners’ new office tower in Fulton Market is now fully leased after a co-working space for women and a venture fund inked leases in the building.

The Wing, a co-working and meeting space catering to women, and venture fund Chicago Beyond will each occupy full floors at 811 West Fulton Street, according to Crain’s. With Wintrust Financial opening a retail spot on the ground floor, the building that Shapack built on spec is fully leased.

In the spring, furniture-maker Knoll became 811 West Fulton’s anchor tenant, leasing a three-floor, 24,000 square-foot space in the 70,000-square foot building. Trading firm BlackEdge Capital signed a lease for the building’s fourth floor at the same time.

A Shapack venture paid $2.6 million for the parking lot at 811 West Fulton in 2014 and built the tower with a $20 million construction loan from CIBC Bank. The developer helped kick start Fulton Market’s development frenzy in 2011 with the construction of the Soho House, which Shapack sold for $95 million.

Shapack has since built eight other properties in the area, including a WeWork office, and the company has plans for more.

In September, Shapack bought a 27,000-square-foot property on the western edge of Fulton Market.

The quick leasing of 811 West Fulton shows how in-demand Fulton Market is among companies and developers.

Thor Equities wants to build a 20-story office complex at the gateway to Fulton Market, near 811 West Fulton. Sterling Bay is planning a 19-story building next to Thor’s property.

All told, there is about 6 million square feet of office space in the pipeline for Fulton Market. [Crain’s] — Joe Ward