Big Leases Keep On Coming For Fulton Market
Fulton Market already has the lowest vacancy rate of any submarket in the Central Business District, and it seems likely to hold onto that title even though developers keep breaking ground on massive new towers.
Thor Equities Group is the latest developer with something to celebrate.
Along with joint venture partner QuadReal, the New York City-based company broke ground in October on 800 West Fulton Market, a 19-story, 400K SF mixed-use building, and Aspen Dental Management agreed to lease more than half the space.
The new anchor tenant provides business support and administrative services to dentists nationwide, and now leases about 50K SF at 1040 West Randolph St. It will occupy the top half of 800 West Fulton Market, as well as 8K SF of street-level retail space.
The vacancy rate in Fulton Market plunged from more than 16% one year ago to just 7.5% at the end of 2019, according to Colliers International. With the launching of 800 West Fulton Market, developers now have 3.6M SF under construction, pushing Fulton Market ahead of West Loop as the city’s most active submarket.
Designed by Skidmore, Owings & Merrill, 800 West Fulton Market is set for delivery in spring of 2021, Thor officials said.
Other Fulton Market firms are undergoing significant expansions. Intercom, a business messaging platform, occupies nearly 18K SF at Sterling Bay’s 1330 West Fulton St., but will triple its space to more than 52K SF. It first opened a Fulton Market office in 2016.
“We love the culture here and have had great success finding the type of people we love to work with,” Intercom CEO Eoghan McCabe said.
The company will occupy Sterling Bay’s current headquarters space after the developer moves its new headquarters to 333 North Green St., also in Fulton Market and currently under construction.
CBRE’s Kevin McLennan represented Intercom, while Sterling Bay’s Joy Jordan, Russ Cora and Gillian Keebler represented Sterling Bay.