The new location at 1155 W. Fulton Market marks WeWork’s 13th Chicago deal and its third in Fulton Market, extending its lead as the most prevalent shared office provider in the city.
The company, which recently became one of only a handful of office tenants that occupy more than 1 million square feet downtown, opened its first Fulton Market location in 2015 at 220 N. Green St. and recently inked a deal for a 140,000-square-foot location one block away at 167 N. Green St., a 17-story office building slated to open late next year.
The newest lease makes WeWork the anchor tenant of a 100,000-square-foot property spanning the south side of Fulton Market between May Street and Racine Avenue that a joint venture of Chicago developer Domus Group and Northbrook-based Barnett Capital bought in separate deals earlier this year for $19.5 million, according to Cook County property records.
“We acquired this property, and a series of others, in the belief that in a few short years Fulton and Racine will be the center of the Fulton Market district. With this lease to WeWork, we believe that we are helping to move things in that direction.”
Sterling Bay is poised to sell its 290,000-square-foot Fulton West office building at 1330 W. Fulton St. to a German developer for about $175 million, a big number that would reflect the demand for offices in the corridor.
With its new location, WeWork will have more than 300,000 square feet in Fulton Market alone, part of its strategy of opening multiple offices in close proximity to one another to offer its members different types of space in a single location.
With its office space at 1155 W. Fulton Market now fully-leased, Domus and Barnett are hunting for tenants to anchor projects it is planning on adjacent parcels at 213 and 219 N. Racine Ave., where the joint venture has plans to develop a boutique 75,000-square-foot office building.