Domus and Barnett Redeveloping Fulton Market Portfolio
Upon completion of the renovation, slated for Fall 2019, 1133 Fulton will offer the largest contiguous block of space to be delivered in 2019.
CHICAGO, IL—A joint venture between Domus Group and Barnett Capital will bring 230,000 square feet of office space to a series of properties it acquired in Fulton Market in 2019. Those deliveries represent more than 60% of the office space to be delivered in the district in 2019.
“This portfolio represents the new ‘Main and Main’ location of one of the last great adaptive reuse flagship options now available to the Fulton Market in 2019,” says Phillip Ciaccio, principal, Domus Group. “As businesses and individuals continue to be drawn to the maturing and evolving live-work-play lifestyle that exists there.”
The centerpiece of the four-property acquisition is 1133 Fulton, an industrial, landmark building. The building currently has approximately 97,000 square feet of space — 25,000-square-foot floor plates. Upon completion of the renovation, slated for Fall 2019, 1133 Fulton will offer the largest contiguous block of space to be delivered in 2019.
“Fulton Market is the hottest, most dynamic market in the city, and remains one of the top emerging markets in the entire country,” says Elan Peretz, managing director, Barnett Capital. “The acquisition of this assemblage of properties, almost an entire block, gives us a stronger and more diverse foothold in Fulton Market.”
Other properties acquired as part of the transaction include:
- 213 Racine, an existing 19,000 square foot building.
- 219 Racine, an existing parking lot for future development
- 1114 Fulton, An adaptive reuse of a former 30,000 sq ft warehouse (1114Fulton.com)
“Given the size of our buildings and its floorplates, we have tremendous flexibility to attract tenants ranging in size from 5,000 to 100,000 square feet,” Peretz says. “Many of these tenants will be attracted to the overall lifestyle this market is creating.”
He says others like the idea of being near pioneering tenants such as Google and McDonald’s, that are in the Fulton Market now or will be relocating in the near term.