Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ investment in booming Fulton Market is paying dividends.

In its latest move, the New York-based firm led by Joseph Sitt sold a 98,000-square-foot office building it developed for $85 million, according to Crain’s. That marks the priciest sale in Fulton Market to date.
The buyer was German real estate firm Deka Immobilien.

The five-story building at 905 W. Fulton Market is the future global headquarters of snack maker Mondelez International, which will take 77,100 square feet of space there. That long-term lease deal was announced in January 2019, and includes more than 6,000 square feet of retail space. In December, DineAmic Hospitality — owner of Prime & Provisions — inked a deal to lease 8,000 square feet at the building.

The sale to German-based Deka works out to around $870 a foot. In September, Shapack Partners sold its 70,000-square-foot building at 811 W. Fulton Market to Intercontinental Real Estate for just over $50 million, pegging it at $774 a foot, Crain’s reported at the time.

Cushman & Wakefield’s Tom Sitz, Cody Hundertmark, David Knapp and Josh McGee advised on the Deka deal.

The future home of Mondelez is along a block-long stretch of Fulton Street filled with Thor-owned properties. In December, the firm landed a $144 million construction loan for an 18-story spec office tower along the 800 block of West Fulton Market. It also owns 1003 West Fulton, 942 West Fulton and 229 West Randolph Street. [Crain’s] — Alexi Friedman