Alex Najem

CEO, Fulton Street Companies

Najem has been the only one bold enough to build office for a while in post-pandemic Chicago.

His firm Fulton Street Companies, launched in 2017 in partnership with Ross Babel, made its name by pushing forward when others paused.

In 2023, with equity raised through fellow entrepreneur Shanna Khan of a billionaire family, the firm secured financing and broke ground on 919 West Fulton, one of the few new office buildings to start construction nationally during a period of rising interest rates and collapsing office demand. Najem has pointed to the deal as proof of lender confidence, though it also tied the firm to an asset class facing prolonged uncertainty.

“We were able to close on a $230 million construction loan during the highest construction cost and interest rate period with the lowest demand for office in the country,” Najem said. “I think we might have been the only ones in that timeframe to do that.”

Beyond office, Najem is planning a major residential push with two multifamily towers at 1200 and 1201 West Fulton, totaling nearly 1,500 units. The projects underscore his belief in Fulton Market’s long-term appeal, even as costs and absorption risks rise. Whether that conviction proves prescient will depend on how quickly the neighborhood’s next cycle takes shape.

— Emma Whalen