Progress on 1K Fulton continues as the old industrial building is getting closer to being ready for occupancy by office tenants. The project by developer Sterling Bay is located at Fulton Market and Morgan Street and is comprised of the renovated ten story Fulton Market Cold Storage Building and an adjacent new construction six story structure to the west. The project has proven to be an extremely transformative development for the Fulton Market neighborhood, and combined with the recently opened CTA Morgan Street Green/Pink Line station, major changes continue to sweep through the area as it morphs into a desirable neighborhood for office space. The area has become a white hot market for higher end specialty office space, particularly for lofts, as River North and other parts of the West Loop have leased up and rent prices have increased.
Sterling Bay has leased up nearly the entire building and has also begun concentrating on developing an Ace Hotel across the street and another office project three blocks to the west at 1330 West Fulton Market. Meanwhile to the east, Shapack Partners is planning office projects at 801 West Fulton and 213-21 North Peroria. Google, the largest of the signed tenants, will soon be moving their Chicago operations into 1K Fulton as will bicycle component maker SRAM, whose office includes an indoor cycle test track.
The project's makeup shows two distinctive designs: the new construction on the west end takes on a modern flare with cantilevers, terraces and a full glass facade. The older building to the east had its interior structure mostly preserved while the exterior was rebuilt with a historical focus. Although the original brick facade was intended for preservation, age and the freeze-thaw cycle had taken its toll on the masonry and thus was deemed unsalvageable. The brick piers set into the exterior as seen now are made up of prefabricated panels with brick set into precast concrete.
Despite the rapid changes, Fulton Market is still very much a working meat market, but as a recently completed sale of four buildings shows, the days of the market might be limited.
— Shawn Ursini