Tagged : Chicago Commercial Real Estate

The complete transformation of Fulton Market looks to be continuing its path forward as reports recently surfaced about its newest large-scale development finally getting underway.

According to a new tidbit from Curbed Chicago, the fabulous new office building at 811 W. Fulton just received its construction permits and will soon be getting underway, which will certainly help anchor the neighborhood’s rapidly developing “gateway” once the dust settles on this fabulous new addition to the area landscape.

The faux warehouse design is absolutely fabulous and of course blends in perfectly with the rest of the Fulton Market area, and along with adding plenty of new office space, renderings suggest additional retail/restaurant space will also be included

A 75,000 square foot loft-style office building has been put up for sale in Fulton Market, which could result in the area’s next major re-development project. Located at 400 N. May Street and occupying an entire block at May Street and Kinzie, the potential is certainly there as on-going commercial and residential development continues to transform this part of the west side into a bustling downtown neighborhood. 

According to a recent report from Crain’s, 400 N. May Street is currently 88% leased and potential investors could simply acquire the building as an investment property that’s already generating income. But maximizing the site’s income potential with higher density will likely be the eventual plan for whoever ends up buying the property.  

Residential development around The Loop has certainly picked up in recent months, but that certainly isn’t slowing down commercial development within Chicago’s primary business and financial district. Just this week, plans for a pretty sweet looking loft-style office building, which if approved, would be developed at 145 S. Wells. 

What would stand 20 stories high, the new boutique office development is designed by Chicago-based Thomas Roszak Architecture, and as you can see, features a slick maze-like exterior that can only be described as something you might ordinarily see over in River North. 

As of now, an established four-level parking garage occupies the potential building site, but given the location of 145 S. Wells sits right in the heart of

Chicago’s most iconic tower is getting a facelift, according to numerous reports coming in from all over. City officials revealed a series of proposed improvements to the famed Willis Tower earlier this week, which are estimated to cost around $500 million. 

In a nutshell, it appears the plan is to make the Willis Tower much more accessible and inviting to visitors, even despite the building already attracting 1 million people annually. 

Blackstone Group L.P., who previously purchased the building almost two years ago, will be heading the makeover, which will include adding 300,000 square feet of new retail space, restaurant, and entertainment space, as well as a new 30,000 square foot outdoor deck. 

According to the release, the new retail

A pair of spectacular new office towers is being planned for the 300 block of South Wacker, just steps from the Willis Tower. As first reported by Crain’s, the ambitious new project is being spearheaded by local developer John Murphy, who’s planning to close on the parcels at 301 and 321 S. Wacker sometime before the end of the year. 

Although only in the planning stages at this point, the new towers would essentially replace a small park and plaza at 301 S. Wacker, and a surface parking lot at 321 S. Walker, which has seemingly occupied that space for as long as we can remember. 

The good news for developers is that zoning for the gleaming new towers is already in place, and as you can see from the rendering, much of the design work also appears to

Although it’s seemed like a story that will never end, there appears to be a final plan in place for the Old Chicago Post Office that has sat vacant for years—finally. News broke yesterday about the city reaching an agreement with the massive building’s new owner, and the best part might be that work can actually begin immediately.

The first order of business is to begin work that will satisfy more than 20 code violations, which will include replacing the building’s roof, restoring the historic lobby, repairing the building’s beautiful facade, add new high-speed elevators, and completely re-work the electrical, plumbing, heating, and ventilation systems.

The entire renovation will be done in three phases and early estimates are showing the entire project

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