It seemed only a matter of time before skyrocketing property values in the Fulton Market District would result in the most expensive office building sale in the city’s history.
That title now belongs to a relatively nondescript seven-story office building on a site that was a surface parking lot just two years ago. In a deal that shattered the previous per-square-foot record for a Chicago office building, real estate developer Shapack Partners announced Wednesday it has sold a 70,000-square-foot office building it constructed at 811 West Fulton Market to a Boston-based investor for $50.3 million.
The sale at $775 per rentable square foot topped the previous record of $734, set just eight months ago, for the RxBar headquarters at 412 N. Wells St. in River North.
It’s the latest illustration of the eye-popping sums investors are paying for Fulton Market real estate as the corridor continues to transform itself into an office, restaurant and retailing hub.
In other local business news:
U.S. Rep. Raja Krishnamoorthi is putting pressure on e-cigarette maker Juul Labs to disclose documents he and his colleagues on the House Oversight Committee are seeking as they investigate a string of mysterious deaths and lung disease outbreaks linked to vaping.
In a letter to Juul, the Schaumburg Democrat said the company had failed to turn over requested documents and that further delay could result in a subpoena.
Drive Shack, where people drink and eat between hitting golf balls, plans a big driving range along the Chicago River in Bucktown, on the site of the former Vienna Beef hot dog factory.
It’s a big site – 9.3 acres – one of the few spots in the dense North Side neighborhood where golfers can crush a ball without breaking something.
If it gets approval, Drive Shack would build its Bucktown driving range northeast of the reconfigured intersection of Damen, Elston and Fullerton avenues.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”