McCaffery Interests' redevelopment of the former Aspen Foods building in Fulton Market has taken a big step forward. The firm announced a 20K SF lease with San Francisco-based tech hub and co-working space The Vault, effectively launching the redevelopment of the 45K SF building, according to Crain's Chicago Business.

McCaffery bought the building in May 2015, when developer interest in Fulton Market's western half started to pick up steam. Co-working firms are still seeking a Fulton Market address. WeWork already has a 77K SF location at 220 North Green, and will add another 48K SF at Sterling Bay's 210 North Carpenter. Tucker Development and Regus agreed to a 40K SF lease at 900 West, where Regus will bring a Spaces co-working space. Brooklyn-based Industrious opened a co-working space at 171 North Aberdeen.

McCaffery Interests also started construction in December on a mixed-use redevelopment one block west at 1201 West Lake St.