Shapack continues empire-building in Fulton Market

Developer paid AT&T $11.3 million for 1152 West Carroll

TRD CHICAGO /
Aug.August 22, 2019 01:00 PM
Shapack Partners’ Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

Shapack Partners’ Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

One of the early pioneers of Fulton Market just picked up another property in the West Loop, and this parcel is just a few blocks from Google’s Chicago headquarters.

Jeff Shapack paid $11.3 million for a West Loop property at 1152 W. Carroll Ave., Crain’s reported. The newly-acquired property, sold by AT&T, is a 37,000-square-foot building on a 42,500-square-foot lot, according to marketing materials by JLL.

Shapack Partners helped kick off the Fulton Market redevelopment craze with the Soho House development.

It is unclear if this will be the site of a new office building, but developers have trended towards redeveloping low-rise Fulton Market industrial buildings into corporate skyscrapers. The property’s neighbors include offices for Google, Mondelez, and WPP Group, and developer Sterling Bay is planning 18- and 11-story office buildings nearby, Crain’s reported.

Shapack owns a number of properties in the Fulton Market neighborhood, including its seminal office building at 811 W. Fulton Market (currently on the market for $49M), the 182-room Hoxton Hotel at 200 North Green St., an office building at 167 North Green Street, and warehouses at 224 North Ada Street and 400 North Noble Street, TRD previously reported.

Current tenants of Shapack properties include Lyft, the Wing, Wintrust Financial, furniture company Knoll, and Black Edge capital. [Crain’s] — Sarah Paynter


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