$40M building could break Fulton Market records

A new Fulton Market building is on track to break a price-per-square-foot record if it sells for its full asking price.

The 45,380-square-foot building at 1100 W. Fulton Market by developer Fulton St. Cos has just entered the market for more than $40 million. That breaks down to about $881 per square foot, which would break the neighborhood’s all-time record, according to Crain’s.

That was set in May when a German real estate firm paid nearly $87 million — or $879 per square foot — for Mondelez International’s new headquarters at 905 W. Fulton Market.

“It was definitely a [property] we wanted to hold longterm, but it makes the most sense to see what the market will yield and go from there,” Fulton St. co-founder Alex Najem told Crain’s.

The furniture company Herman Miller signed a 15-year lease for the building, and is moving its offices and showroom there.

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The market has been shaky in recent months as a result of the coronavirus pandemic. WeWork, for example, abandoned plans to open two locations in Fulton Market.

Days later, however, Marquette Companies, a Naperville-based development firm, secured construction financing for two rental projects on the west end of the Fulton Market District at 1400 and 1454 West Randolph Street.

[Crain’s] —Sasha Jones