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NGKF Capital Markets has been appointed as the exclusive broker in the sale of 1200 Block, the roughly 145,000 square feet of contiguous land bordering Carroll Avenue to the north, Fulton Market Street to the south, Racine Avenue to the east and Elizabeth Street to the west. The site offers an unprecedented development opportunity located in Chicago’s Fulton Market District.
1200 Block is located in the flourishing Fulton Market Innovation District, adjacent to the Historic Fulton-Randolph Market District where many buildings have the protection of landmark status. The site itself benefits from its proximity to the landmark district, but is not itself protected, allowing for total demolition of the existing buildings and redevelopment of the entire site. NGKF’s Capital Market specialists Senior Managing Director Andy Gallas, Managing Director Gino Tabbi, and Associate Director Dominic Soltero were selected by ownership to lead the sale of 1200 Block because of their market-making proven track records.
“This is a rare and unique opportunity for qualified entrepreneurs or institutions to acquire an entire city block in one of the hottest development neighborhoods in the United States,” said Gallas. “1200 Block is one of the last full block development sites in the booming Fulton Market District that is not encumbered by landmark status, providing developers and investors a blank canvas on which to create a legacy project.”
Located west of Chicago’s Loop, Fulton Market, also 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’s recent relocation of their Midwest Headquarters to a former cold storage facility located at 1000 W. Fulton Market Street (1K Fulton). Google’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.
“Opportunities like 1200 Block can define the urban core of Fulton Market District where supply is constrained,” added Soltero. “The recent influx of global brands to Fulton Market will give 1200 Block broad appeal to smart money looking to create a marquee project.”
For more information on the 1200 Block offering, watch NGKF’s video here:
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’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, appraisal, and valuation 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.
NGKF 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 http://www.bgcpartners.com/.