Murphy raising the roof on Fulton Market office project

The Chicago developer is adding boutique office space and an amenity suite to its rooftop deck plans

Mar.March 01, 2019 02:15 PM

Murphy Development Group CEO John T. Murphy and a rendering of 318 North Carpenter Street

Less than a month after closing on a former meatpacking warehouse across the street from Google’s new offices in Fulton Market, Murphy Development Group is moving forward with its plans for an eight-story office building on the property.

Chicago-based Murphy filed for a building permit for its planned office building at 318 North Carpenter Street, city records show. Plans call for 96,000 square feet of office space, 10,000 square of ground-floor retail, a rooftop deck, and two levels of underground parking.

Originally, the proposal called for a seven-story building with a 9,000-square-foot rooftop deck. Murphy since revised that plan, and will build out a portion of the rooftop to include 5,000 square feet of boutique office space as well as an amenity suite, Murphy spokesperson Chris Horney said. The developer is now using the address 318 North Carpenter Street instead of the original 328 North Carpenter address.

The city has yet to approve the building permit application, records show. Murphy is planning to break ground in April or May, Horney said.

In early February, Murphy bought the former Sam’s Meat warehouse from New York-based Madison Capital, which had received city approval for the office project. The warehouse traded for $7.6 million, property records show, and CEO John Murphy previously said the project was expected to cost $50 million.

Shortly after closing on the property, Murphy secured a $35.4 million loan for the project from CIBC Bank. Demolition and construction work is now moving forward, with the project slated to be completed in 2020. The project is a joint venture with Creek Lane Capital, an investment group affiliated with Walsh Construction, which is also the general contractor on the project.

No tenants have been announced, but Murphy is actively talking to a number of potential renters, Horney said. With more 6 million square feet of office space in the pipeline for Fulton Market, the area remains a top destination for corporate relocations.

Aside from the Fulton Market office project, Murphy is also working on a number of high-profile residential and mixed-use developments.

Murphy is leading a joint venture in the massive redevelopment of the old Cook County Hospital in the Medical District, plans of which call for a $1 billion mix of hotels, medical offices, retail and apartments. It’s also partnering with CIM Group on the 47-story, 500-unit apartment tower at 1325 South Michigan Avenue.

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