Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Deka Immobilien, an investment management firm headquartered in Germany. The asset reportedly sold for $85 million, or approximately $870 per square foot—a record price for Chicago’s office market.
The Cushman & Wakefield capital markets team of Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter was involved in this off-market transaction. Thor Equities was not represented by a broker. Colliers International was also involved in this transaction.
“We are pleased to have been involved in the sale of this extraordinary Fulton Market development involving two world-class organizations,” said Sitz, executive director of Cushman & Wakefield. “Congratulations are in order to Thor Equities Group for delivering this premier building to the market and to Deka on its acquisition of one of Chicago’s newest, best-in-class assets.”
On the corner of West Fulton Market and North Peoria Street in Chicago’s Fulton Market, the property spans nearly 98,000 square feet over five stories and a basement. Featuring a façade characteristic of the neighborhood and modern glass design, 905 W. Fulton offers contiguous floor plans, a landscaped terrace and green roof.
“Our vision for 905 W. Fulton Market was to develop a property with rich character representative of the neighborhood’s past and attract a world-class tenant to bolster the district’s future as a premier live-work-play destination,” said Joe Sitt, chairman of Thor Equities. “Fulton Market continues to gain momentum and the sale of this asset demonstrates the strength of the community, which we are very proud to be a part of.”
The property is anchored by Mondelez International’s global headquarters, which will occupy over 80,000 square feet of office space in the new building on floors two through five, as well as over 6,500 square feet of retail space on the ground floor. Thor recently announced 8,000 square feet of the ground floor was leased to DineAmic Hospitality.
“In this current environment, it is essential to identify and secure opportunities in order to achieve stable and sustainable growth for our North America Fund. Such an opportunity is given with this long-term leased and high-quality property,” said Driss Oualkadi, president of Deka. “The Fulton Market has been the subject of a significant urban renewal and is now recognized as one of Chicago’s most upscale and exciting neighborhoods.”
Thor Equities Group recently announced a lease with Aspen Dental at nearby 800 W. Fulton Market, a 19-story mixed-use development with over 400,000 square feet of office and retail space, as well as a range of public amenities. Designed by Skidmore, Owings & Merrill, 800 W. Fulton Market is situated at the gateway to Fulton Market and was planned to meet the highest sustainability standards, with a range of smart building technologies. Thor’s portfolio also includes nearby 942 W. Fulton Market, 1003 W. Fulton Market and 1229 W. Randolph Street.