July 5, 2016
American Realty Advisors acquired the 1K Fulton, a Class A office building in Chicago’s River West Fulton Marketplace submarket. The 531,190-square-foot complex, home to Google’s Midwest headquarters, went to American Realty for $257 million.
Eastil Secured’s David Knapp and Stephen Livaditis represented seller Sterling Bay in the transaction. According to local media, the cap rate was below 5%. 1K Fulton, at 1000 W. Fulton Market, opened in late 2015 and is 97% leased. In addition to creative office and ground-floor retail, the property also has a 10-story, re-developed cold-storage facility.
Sterling Bay acquired the former Fulton Market Cold Storage building for $12 million, and converted the former food warehouse to modern offices.