CHICAGO—Mark Nelson of NelsonHill has been handling real estate transactions on the Near West Side for years, but has never seen properties change hands at today’s pace. “This is a consequence of the Google deal,” he tells “It’s been like a tsunami into the neighborhood.” When Sterling Bay Cos. bought and then began refurbishing the Fulton Market Cold Storage building at 1000 W. Fulton, now called 1K Fulton, into modern office space, “nobody saw that the property values would escalate as radically as they did after the company signed Google as a tenant.” Google will move into the 550,000-square-foot building next year.

Nelson estimates that by the end of 2014 the value of neighborhood properties that trade hands will be double what was bought and sold in 2013. Although most of the individual deals are relatively small, taken together the transactions are transforming the neighborhood from an industrial zone mostly dedicated to food production and distribution and into a high-end office community. In 2014, NelsonHill has completed nine sales east of Ashland Ave. in the West Loop totaling more than $38 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.