Stream Realty Partners has been awarded a 166,000-square-foot, four-building office portfolio in Chicago’s Fulton Market district on behalf of Asana Partners, a Charlotte, NC-based real estate investment firm.
Purchased in 2019 and consisting of 939 W. Fulton Market Street, 936 W. Fulton Market Street, 312 N. Carpenter Street and 900 W. Randolph, the high-profile properties have garnered major interest with their characteristics as historical landmarks in the heart of Fulton Market.
“The momentum in Fulton Market is unmatched, and we are proud of the portfolio we have assembled spanning the heart of the most dynamic and amenity-rich neighborhoods in the country,” said Reed Kracke, managing director at Asana Partners. “Modernizing these historic low-rise buildings with irreplaceable character provides the opportunity for users to occupy modernized space with dedicated private access, ensuring the ability to control their environment and elevate their brand.”
The Fulton Market office sector has experienced exponential growth over the last 10 years, with a transformation taking place amongst the former factories, wholesale markets and warehouses on the edges of downtown. What was once a meatpacking and food distribution district is now a trendy corporate office and amenity-rich area known for creative global and modern American restaurants. With Google relocating their Midwest headquarters to Fulton Market in 2015, the neighborhood has since become a mecca for large corporate relocations, including McDonald’s, WPP, Mondelez International, Dyson and Skender.
“With Asana’s forward-thinking, nimble approach in optimizing retail and mixed-use properties within renaissance areas, we’re looking forward to building on their entrepreneurial investment spirit to maximize value for their Chicago assets,” said Adam Showalter, managing director in Stream’s Chicago office. “The Fulton Market office market is primed for continued growth and demand, and we can’t wait to bring these remarkable properties to full occupancy.”
The Stream Chicago office team of Showalter, Patrick Russo, managing director, and Jessica O’Hara, senior vice president, spearheads the leasing and marketing efforts of the Fulton Market portfolio. Currently, 25,000 square feet of office space is available for lease across the four properties in configurations ranging from 1,200 to 9,000 square feet.