Is there optimism on the horizon for the urban office landscape? There seem to be promising signs for companies willing to stick it out.
Developer Fulton St. Companies has successfully secured $233 million in construction financing for their upcoming office project at 919 W. Fulton that will occupy a rectangular site running from N. Sangamon Street to W. Lake Street, encompassing the existing warehouse building at 900 W. Lake Street.
Harrison Street Realty Capital will occupy 112,000 square feet of the 11-story, 400,000-square-foot building, while Gibsons Restaurant Group is slated to take up 15,500 square feet on the ground floor for retail purposes.
The design for the building is a collaboration between Morris Adjmi Architects and FitzGerald. While the original plan included connecting it to the residential building at 910 W. Lake and converting it to additional office space, due to the stronger demand for apartments, the project scope has been adjusted.
According to CoStar, the financing of $233 million has been secured through Bank OZK and Manulife Investment Management. The building has a targeted completion of 2025, with Skender serving as the GC.
