September 19, 2019
In a deal that exceeded the previous price-per-square-foot record for a Chicago office building, Shapack Partners sold a 70,000-square-foot office building it developed at 811 W. Fulton Market to investor Intercontinental Real Estate for $50.3 million. The sale at $775 per rentable square foot topped the previous record of $734 per square foot, set just eight months ago, Crain’s Chicago Business reported.
A Shapack venture paid $2.6 million for the site in 2014, according to Crain’s. Despite breaking ground before signing any tenants, Shapack quickly leased up the building to a mix of office and retail tenants.
“My vision for Fulton Market was to maintain its authenticity, while creating one of Chicago’s most sought-after neighborhoods for brands coming from within Chicago and outside of Illinois,” said Shapack Partners founder Jeff Shapack. “It is rewarding to have the sale of 811 Fulton epitomize the success of an organically grown neighborhood in Chicago.”
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