While the much-talked-about 1K Fulton development over in the rapidly developing Fulton Market neighborhood was only recently finished, the developer of the building, Chicago-based Sterling Bay, is already close to selling the mammoth project that’s helping re-define this particular part of the city.
According to reports, California-based American Realty Advisors is poised to purchase 1K Fulton for a jaw-dropping $305 million, which should give Sterling Bay a sizable profit given the original Fulton Cold Storage building was purchased for a mere $12 million back in 2012.
At 531,000 square feet, the deal would mean American Realty Advisors would pay $574 per foot for the fabulous new office building, which of course is now the home of the Chicago-based Google offices, SRAM, and Sandbox Industries.
Since the completion of 1K Fulton, numerous projects have been popping up all over Fulton Market, ranging from hotels and retail space to plenty of additional office space that’s completely changing the landscape of the neighborhood, which not that long ago was dominated by meat packing warehouses and food wholesalers.
Should the deal go down, only two deals in the history of commercial real estate in Chicago would outrank the sale in terms of price-per-square foot: the office tower at 300 N. Lasalle for $652 a foot and the office tower at 353 N. Clark for $604 a foot.