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

New York-based firm is partnering with local developer Mark Goodman & Associates on the 270K sf building

Jan.January 07, 2020 07:00 AM
Tishman Speyer’s Rob Speyer & 320 North Sangamon rendering (Credit: Tishman Speyer)

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

New York-based developer Tishman Speyer has secured an $81 million loan for a 13-story office development that it is building on spec next to Google’s Midwest headquarters in Fulton Market.

Tishman bought the development site at 320 North Sangamon Street, which was formerly home to a shuttered AmeriGas propane fueling and propane tank exchange station, for $15.8 million in December 2018, according to Crain’s. It has partnered with local developer Mark Goodman & Associates to redevelop the property in the city’s hottest office submarket.

Features of the 270,000-square-foot building will include ground-floor retail space, parking, a conference center and communal rooftop terrace.

Tishman declined to comment on the loan, which was provided by Wells Fargo.

The project broke ground in September without any signed tenants. Construction is expected to wrap up early next year.

Several other office buildings are under construction in Fulton Market, some of which are also being developed on spec, including a 14-story office building at 1375 West Fulton Street.

Tishman owns several office properties in the Loop, including 30 S. Wacker Drive and the two-tower. 2.5-million-square-foot complex known as the Franklin.

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