Jeff Shapack

CEO, Shapack Partners

Shapack’s Chicago-based development firm was among the first to make early bets on Fulton Market to help it transform from a low-rise warehouse district into one of the city’s most valuable mixed-use neighborhoods.

Shapack began assembling Fulton Market properties there before the area attracted global office tenants, luxury hotels and institutional capital. Shapack Partners’ portfolio reflects a placemaking-driven approach. Signature projects include Soho House Chicago, The Hoxton Hotel and his 167 North Green Street flagship office property built in partnership with Walton Street Capital and Focus Development.

Yet, the environment has recently shifted. In 2025, Shapack and the partners refinanced the Green Street asset for $247 million, despite debt markets that had tightened since the project’s development. Shapack then exited a large-scale development partnership with Alec Litowitz via buyout, marking a strategic reset as ground-up development economics weakened and capital grew more selective.

Timing and conviction have helped shape Shapack’s career, but the current cycle has tested even Fulton Market’s strongest narratives. His challenge now is less about proving the neighborhood’s value and more about recapitalizing existing assets and revitalizing new construction.