CHICAGO — Development firm Fulton Street Cos. (FSC) has received $233 million for the financing of its 919 West Fulton office project in the Fulton Market neighborhood of downtown Chicago. Led by Shanna Khan, SNK Capital has signed on to serve as the lead equity investment partner on the project. Bank OZK and Manulife Investment Management are also providing capital.
A groundbreaking ceremony is scheduled for today. Upon completion in 2025, the 11-story building will total 360,000 square feet.
FSC and JDL Development will develop the property, which will feature factory-style facades, architectural masonry and large outdoor terraces on each floor. Amenities at the building will include a conference center, 24-hour health club and a tenant lounge. The ground floor will offer 40,000 square feet of retail space.
Khan, who has a background in mixed-use real estate development, interior design, manufacturing, leisure and hospitality, will act as lead designer on the project.
“Her creativity and vision embody the essence and unique qualities of the very unique neighborhood,” says Alex Najem, founder and chief executive officer of FSC. He adds that the “goal is to retain the character of the neighborhood while introducing a property that attracts those tenants who want to cultivate culture and loyalty via office space and location.”
Investment management firm Harrison Street has signed a 170,000-square-foot anchor tenant lease at the development.
Matt Pistorio of Madison Rose will handle leasing of the building, and Colliers has been tapped to manage the property. Keith Largay, Philip Galligan and Tara Hagerty of JLL Capital Markets arranged the construction financing through Bank OZK and Manulife.
— Hayden Spiess