WeWork Signs 90K Lease in Chicago’s Fulton Market
With the addition of 1155 West Fulton S., WeWork currently has 13 locations open and announced in Chicago across Fulton Market, West Loop, The Loop, and River North.
CHICAGO—Shared workspace provider WeWork continues its national expansion and in the Windy City. The New York City-based firm has signed a lease for 89,500 square feet at 1155 West Fulton St. here
The building, acquired earlier this year by a joint venture of Barnett Capital, Ltd. and Domus Special Situations Group, is in the latter stages of a comprehensive modernization and repositioning program.
With the addition of 1155 West Fulton S., WeWork currently has 13 locations open and announced in Chicago across Fulton Market, West Loop, The Loop, and River North. The firm is reportedly looking to issue an Initial Public Offering (IPO in September.
“The leasing of this space to WeWork provides the ultimate validation of our investment philosophy in Chicago’s Fulton Market,” says Elan Peretz, the managing director of Barnett Capital.
“The overall excitement for and momentum in the Fulton Market District is moving west from Halsted Street,” Peretz adds. “We acquired this property, and a series of others, in the belief that in a few short years Fulton and Racine will be the center of the Fulton Market district. With this lease to WeWork, we believe that we are helping to move things in that direction.”
As originally developed, 1133 and 1155 are separate, three-story buildings. Through the redevelopment and repositioning program, the buildings have been combined to create larger floorplates and a fourth floor is being added, Barnett Capital states. Around the perimeter of the fourth floor will be rooftop/deck amenity space providing views of the city in all directions. In total, the building features approximately 100,000 square feet of commercial space.
“Business and individuals continue to be drawn to the maturing and evolving live-work-play lifestyle that exists in Fulton Market,” says Phillip Ciaccio, principal at Domus. “That’s why we continue to move forward with and evaluate a variety of projects in the Fulton Market area.”
The Barnett Capital/Domus joint venture as well as Barnett Capital individually have a number of other interests in Fulton Market that could add new office space along West Fulton Street. On adjacent parcels at 213 and 219 N. Racine Avenue, the joint venture has plans to develop a multi-story office building totaling 75,000 square feet of office space. That space could be delivered, as a corporate build-to-suit or a multi-tenant building, as soon as the fourth quarter of 2020.
“This is such an exciting market to be part of as it further develops and matures,” Peretz adds. “The diverse nature of tenants drawn to Fulton Market creates the ability to draw tenants of all sizes that want the vibe and the energy that the overall lifestyle is creating, or tenants focused on being in close proximity to pioneering firms such as Google and McDonalds, and others, that are here now or will be relocating in the near term.”