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Newmark has been engaged as the exclusive office leasing agent for 1200 W. Fulton, a new 1.2 million-square-foot, mixed-use development in Chicago’s Fulton Market District. Newmark was hired by the owners, a joint venture between LAMB Properties, LLC and IBT Group to market and pre-lease the highly-anticipated development, which represents the largest Fulton Market project to date.
LAMB and IBT plan to build a 1.2 million-square-foot office, retail and hotel project on the 3.3-acre site, which is comprised of contiguous land bordering Fulton Market Street to the south, Racine Avenue to the east, Carroll Avenue to the north and Elizabeth Street to the west. The development will offer approximately 900,000 square feet of office space, a boutique hotel, a ground floor plaza with a mix of urban retail and food and beverage venues, as well as 700 underground parking spaces. Newmark’s Executive Managing Director William Rolander and Senior Managing Director Jon Cordell will lead the brokerage team assigned to lease the office space for the new development.
“We saw this as a rare and unique opportunity, which could easily shift the epicenter of Fulton Market to the west,” said Chief Executive Officer of LAMB, Andrew Bluhm. “One of the most dynamic projects in the country, 1200 W. Fulton will not only offer incredible amenities including open spaces and a rooftop pool, it will be a perfect blending of hospitality and office. We believe that this world-class project will be transformational for the already booming Fulton Market.”
Located west of Chicago’s Loop, Fulton Market, previously known as the Meatpacking District, has become the preferred destination for urban renewal and millennial employment. It is a melding of the old with the new. The area is rapidly evolving into Chicago’s hub for the tech, creative and restaurant industries. The neighborhood transformation is in part tied to Google, McDonald’s and advertising giant, WPP Group’s, relocations to the area. Google, McDonald’s and WPP’s commitment to the neighborhood has had a luring effect, attracting other tech/creative companies, an abundance of restaurants, retail stores as well as large numbers of people seeking housing in the immediate neighborhood due to its ultimate live/work/play lifestyle.
The Fulton Market District was listed as one of ten sites in Chicago’s official bid to land Amazon’s second headquarters. While the 1200 W. Fulton site would not provide the full eight million square feet of space that Amazon requires for a second headquarters, it would support a strong initial foot-hold. LAMB and IBT have spoken to numerous landowners in the area which could ultimately support Amazon’s needs. “There are 25 acres of contiguous land including our site that could be developed into an ‘urban campus’ for Amazon,” added Bluhm.
“We are thrilled to be working with this client on this world-class project,” said Cordell. “1200 W. Fulton will be an incredible mixed-use project where first-class organizations can work, play and stay. Tenants will benefit from modern amenities, large floor plates, accessibility to airports, the abundance of restaurants and retail in the area, as well as being in walking distance to several public transportation options. Furthermore, being on the edge of the historic district, the city views are forever protected.”
Newmark’s Capital Markets team was hired as the exclusive broker to sell the 1200 W. Fulton site in March 2016.
About LAMB Properties, LLC
LAMB Properties is a real estate development and investment vehicle for the Bluhm family of Chicago.
About IBT Group LLC
The IBT Group LLC is a full-service real estate development firm based in Chicago, Illinois.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.