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Sterling Bay Gets $257 Million for 1K Fulton

CHICAGO—The transformation of the former cold storage building at 1000 W. Fulton has touched off a flurry of development in the surrounding area.

1KFultonChicagoReduced 1K Fulton is now 97% leased to tenants such as Google.

CHICAGO—American Realty Advisors has acquired 1K Fulton, the most notable office property in the ascendant Fulton Market area, for $257 million, or about $483 per square foot, one of the higher prices paid for a Chicago building. By comparison, two years ago 300 N. LaSalle was purchased for about $654 per square foot.

The seller Sterling Bay’s renovation of the former cold storage building at 1000 W. Fulton touched off a flurry of development that has transformed the once gritty industrial neighborhood into an office center that now brings in Fortune 500 firms. Google, for example, leases two-thirds of this 531,190 square foot complex, which opened in late 2015. Furthermore, McDonald’s recently announced that it would move its corporate headquarters from suburban Oak Brook to nearby Harpo Studios.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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