The Coca-Cola Co. is in discussions to lease office space at the original Schwinn bicycle factory in Fulton Market in a deal that would bring some pop to a mostly decarbonated office market.
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The massive soft drink company is looking to secure 40K SF or more in the Lake Street Lofts building at 910 W. Lake St., CoStar News reported.
The move is somewhat unexpected after the outlet reported earlier this year that developer Fulton Street Cos. planned to convert the vacant building into a 140-room, Drift-branded hotel.
The negotiations are ongoing and the deal could still fall through, according to CoStar.
Fulton Street Cos. declined to comment on the news to Bisnow through a spokesperson.
If the deal happens, Fulton Street would scrap its hotel plan and pivot to an earlier proposal to convert the building into offices with an atrium connecting to its ground-up office development at 919 W. Fulton Market, sources told CoStar. Coca-Cola's deal would enable it to combine two nearby offices in one larger space, according to the outlet.
The company currently leases 7.4K SF at 1201 W. Lake along with the entire 17K SF building at 1001 W. Adams St.
It would be welcome news for Fulton Street Cos., which is the lone developer with a new office building under construction in the downtown area. The company secured financing for its 11-story, $233M 919 W. Fulton project last September, and the building is expected to come online early next year.
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