Shapack sell-off: Developer seeking huge payday for Fulton Market office building

Shapack Partners built the office building on spec before fully leasing it last year

Shapack Partners’ Jeff Shapack and 811 West Fulton Street
Shapack Partners’ Jeff Shapack and 811 West Fulton Street

Months after fully leasing the building, Shapack Partners is now looking for a record payday for one its Fulton Market office properties.

The Chicago firm is seeking a buyer for its 70,000-square-foot building at 811 West Fulton Street, with an asking price of $49 million, according to Crain’s.

Such a deal would pencil out to $700 per square foot, which would make it the second highest price per-square-foot of any Chicago office property sale, Crain’s reported. The record holder is the $707-per-square-foot a Spanish family paid last year for a nine-story office building at 412 North Wells.

A Shapack venture bought the parking lot at 811 West Fulton Market for $2.6 million in 2014 before turning it into an office building. In October, Shapack announced the office property he built on spec was fully leased, thanks to new agreements with a women-focused co-working firm and a venture fund.

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In listing the office building at the gateway to Fulton Market, firm founder Jeff Shapack is following a familiar formula of building in the up-and-coming neighborhood and then selling at big price tags.

Shapack jumpstarted the redevelopment of Fulton Market with the 2011 construction of the Soho House, which the developer later sold for $95 million. The developer also raked in $113 million for a luxury apartment building in Fulton Market, and sold a WeWork-anchored office property in the neighborhood for $95 million, according to Crain’s.

[Crain’s] — Joe Ward