Thor Equities’ big bet on Fulton Market is paying off

Firm sells office complex it developed for $85M, a record amount for trendy district

TRD CHICAGO /
May.May 15, 2020 02:20 PM
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

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 


Related Articles

arrow_forward_ios
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
Thor Equities’ Joseph Sitt and the Palmer House Hilton at 17 East Monroe Street

Thor Equities misses loan payment on Palmer House Hilton, risking default

Thor Equities misses loan payment on Palmer House Hilton, risking default
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
 Palmer House at 17 E. Monroe Street (Credit: Hilton, iStock) 

Covid-19 crisis could wipe out these debt-laden Chicago hotels

Covid-19 crisis could wipe out these debt-laden Chicago hotels
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

VC firm led by ex-McDonald’s chief buys River West office building
Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...