CBRE has arranged the sale of 217 N. Jefferson, a 58,803-square-foot boutique, in brick-and-timber construction, creative loft office building in Chicago’s Fulton Market district. Metonic sold the property to a private buyer. A sale price was not disclosed.
CBRE’s Keely Polcynski and Blake Johnson represented the seller, Metonic, in the transaction.
Built in 1937 and renovated in 2017, 217 N. Jefferson is a six-story brick and timber office building at the doorstep of Fulton Market. The sale also included 40 surface level parking spaces.
The Chicago office market has seen a tremendous flight to quality buildings over the past two years. According to a recent CBRE report, between Q1 2020 and Q1 2022, 60 office leases of more than 20,000 square feet were signed by tenants relocating in the Chicago market; of those leases, 79% upgraded their space by building class and 85% moved to a building that was either recently built or underwent a major renovation.