A downtown building in Fulton Market West has signed three new office tenant leases, bringing the building’s occupancy up to 80 percent.
The 121,000-square-foot office building, owned by Alvarez & Marsal Property Investments, will be the home of Farmers Business Network, Nolan Transportation Group and Dude Products, the Chicago Business Journal reported.
Dude Products already moved into the building and occupies 3,300 square feet on the sixth floor, while Atlanta-based Nolan Transportation will relocate from its office on Jackson Boulevard to take 26,000 feet on the second floor by December. The newest signed tenant, San Carlos, California-based Farmers Business Network, plans to move into the 43,000 space it leased on the third and fourth floors by April 2022.
Madison Rose, which represented Alvarez & Marsal Property Investments, said lease rates for the building at 1320 W Fulton are significantly lower than nearby office buildings.
Office demand in Chicago exceeded supply for the first time in a year in the third quarter. Leasing volume in the city’s central business district jumped 74 percent from the prior quarter.
Another nearby office building has also had good luck with tenants. Snapchat’s parent company, Snap, has been in advanced talks to lease about 25,000 feet at a 17-story building at 167 N Green Street in Fulton Market. Transportation logistics provider MoLo Solutions plans to lease 93,000 feet in the same building.
“The unique thing about Fulton Market is that it’s attracting development in areas around the Fulton Market — further west, further north or the south,” Alderman Walter Burnett said in an interview last week with The Real Deal. “Developments are happening because of Fulton Market.”
[CBJ] — Victoria Pruitt