Thor Equities lands $144M construction loan for new tower

Bank of Nova Scotia provided the debt on the 18-story building at 800 W. Fulton St.

TRD CHICAGO /
Dec.December 05, 2019 10:03 AM
Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

A development team led by Thor Equities secured a $144 million construction loan for its spec office tower in Fulton Market, The Real Deal has learned.

Bank of Nova Scotia provided the fixed-rate, five-year loan.

Thor Equities began assembling properties for the 18-story office and retail tower in 2016, when it bought 800 W. Fulton Market for $36 million. Thor purchased the final parcel of land for the project in 2018.

QuadReal Property Group is a partner in the project, which broke ground last month. It is expected to be completed and open in 2021. Original plans showed a 20-story office complex there, but that was trimmed following closed-door discussions with neighbors.

This new building, designed by Skidmore, Owings & Merrill features a staircase of terraces up the side of the tower. Thor CEO Joe Sitt said the development was on track. The tower was “poised to be one of the most iconic buildings in Fulton Market and the city of Chicago,” he told TRD.

Fulton Market has been one of the city’s most popular neighborhoods, having attracted a high-profile tenants neighbors such as Google, Uber and the corporate headquarters of McDonald’s.


Related Articles

arrow_forward_ios
From left: Renderings of 800 W. Lake, 400 N. Aberdeen and 1400 W. Randolph (Credit: Chicago DPD via Twitter)

476-key Fulton Market hotel project wins key approval

Marc Jacobs store at 11 E. Walton St., Marc Jacobs (Credit: Getty Images and Google Maps)

Another one bites the dust: Marc Jacobs closes Gold Coast location

Fulton St. Companies founder Alex Najem (Credit: iStock)

Fulton St. Companies’ Alex Najem, the “largest smallest developer” in Chicago’s hottest ‘hood

Ald. Walter Burnett Jr. (27th) and Steven Fifield, with a rendering of the project

‘Cap the Kennedy’ plan may be revived thanks to real estate money

Trammell Crow CEO Matt Khourie and a rendering of Fulton Labs (Credit: iStock)

Life sciences development may be Fulton Market’s next new thing

181 W. Madison St. and HNA Group Founder Chen Feng (Credit: Google Maps)

Embattled Chinese firm HNA Group refinances Loop skyscraper

Chariot Logistics Center and Jeff Bezos (Credit: Getty Images, Cushman & Wakefield, and iStock)

Amazon inks massive lease at Melrose Park distribution center

Tishman Speyer’s Rob Speyer & 320 North Sangamon rendering (Credit: Tishman Speyer)

Tishman Speyer lands $81M loan for Fulton Market spec office project

arrow_forward_ios
Loading...