Tishman Speyer is moving into the red-hot Fulton Market area, as the firm has partnered with local developer Mark Goodman on his planned 12-story office development in the neighborhood.
New York-based Tishman will take the lead in Goodman’s proposed $115 million office tower at 310 North Sangamon Street, according to a report in Crain’s. Tishman bought the development site for $15.8 million in late December, the newspaper reports.
Mark Goodman & Associates’s plans for the development include 225,000 square feet of office space, nearly 8,000 feet of ground-floor retail, a ninth-floor amenity deck and a rooftop terrace. The complex would replace the former Americas propane fueling facility, which has been torn down.
Goodman won initial city approval for the project in July.
It is unclear if Tishman will revise the plans for the development. The firm is looking for tenants, but it will build the tower on speculation if none are found, Crain’s reports.
Tishman is entering a Fulton Market neighborhood that is teeming with development, with some 6.6 million square feet of office space in the works.
Sterling Bay’s planned 19-story office tower at 333 North Green Street. Thor Equities wants to build a 20-story office complex at the gateway to Fulton Market, and Dallas-based Trammel Crow Company is planning a 13-story office building on the western edge of the neighborhood.
The development boom has been sparked by major corporate relocations to the area, including Google and McDonald’s. Most recently, snack makr Mondelez International moved to Fulton Market from suburban Deerfield. [Crain’s] — Joe Ward