JLL Capital Markets has arranged $233 million in financing for the development of 919 on Fulton, a 373,000-square-foot creative office development in the Fulton Market neighborhood of Chicago, Illinois.
JLL worked on behalf of the borrower, Fulton Street Companies and JDL Development, to secure the construction financing through Bank OZK and Manulife Investment Management.
Upon completion in 2025, 919 on Fulton will feature 350,000 square feet of trophy office and 23,000 square feet of high-street retail. In addition, the development will feature top-of-the-line amenities, including a full-service fitness center, yoga studio, expansive private outdoor terrace space, a shared rooftop terrace with protected views of the skyline, tenant lounge, custom conference room, and bike storage. 919 on Fulton is anchored by Harrison Street Real Estate and Gibson’s Bar & Steakhouse.
The development is located at 919 West Fulton St. directly adjacent to the Morgan “L” station providing convenient access to the Green and Pink lines. This location is in the heart of Fulton Market, which is Chicago’s premier mixed-use district, featuring a diverse mix of luxury residences, creative offices, art galleries, critically acclaimed restaurants, hotels and high-end boutique retailers.
The mixed-use nature of Fulton Market coupled with the new construction inventory in the submarket has garnered unparalleled tenant demand for office product in the neighborhood. However, a slowing construction pipeline and continued tenant demand drove down inventory availability, particularly in product delivered since 2015. According to JLL’s Q2 Chicago Office Insights, Fulton Market is home to approximately seven million square feet of office inventory and leads the city in absorption, particularly in the Class A subtype. The project will be the only office development in Chicago beginning construction during 2023 and is poised to capture significant tenant demand.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Keith Largay, Director Philip Galligan and Associate Tara Hagerty.
