Shorenstein Properties LLC has confirmed its acquisition, in a venture with collaborative workspace provider WeWork and locally-based partners Shapack Development and AJ Capital Partners, of 210-20 N. Green St., a former meat processing facility in the Chicago’s Fulton Market district. Terms of the transaction were not disclosed.
The 83,000-square-foot, six-story building was built in 1893 and expanded in 1920. It has operated as Amity Packing Co. since 1974 and as a meatpacking facility since it was built. Former owner and occupant Amity Packing is relocating.
Shorenstein and the partners intend to extensively renovate and reposition the property as a boutique mixed-use commercial building with 19,000 square feet of retail space and 64,000 square feet of creative office space.
WeWork signed a lease to occupy all of the office space when the renovation work is completed next year, bringing the building to 77 percent pre-leased prior to opening. The retail space will be available for lease.
Located west of Chicago’s Loop, Fulton Market is a rapidly evolving mixed-use district with many restaurants, galleries and residential lofts. The opening of a CTA Pink/Green Line station at the corner of Lake and Morgan Street last May improved the area’s public transit access, and this has led to the migration of significant office users into the area as redeveloped buildings become available. Recent announcements include Google, Sara Lee Corp. and bicycle component manufacturer SRAM.
Shorenstein completed this investment on behalf of its fund, Shorenstein Realty Investors Ten, L.P.
