MAB Capital selling site of once-planned Fulton Market office complex
CHICAGO, IL (August 8, 2018) – MAB Capital Management wants to sell a Fulton Market site where it once planned a five-story office building with ground-floor retail.
The Chicago-based firm led by Marc Bushala is looking to cash out on the property at 450 North Morgan Street as other developers continue to bet big on Fulton Market, particularly for office projects.
MAB bought the parcel in 2015 for $1.9 million, according to Cook County property records. It then demolished the former Northwest Meats complex in preparation for its planned five-story, 52,000-square-foot building.
MAB even secured a building permit for the project last year, pegging its cost at $8.5 million in the application. It would have included a second-floor parking garage for 35 vehicles and two rooftop decks, Curbed reported at the time.
Now MAB has hired NAI Hiffman to market the 14,000-square-foot property to potential buyers.
The brokerage said the site is being offered without an asking price on an all-cash basis. NAI Hiffman marketing materials note the building permit is valid through the end of next year, with possible extensions, and that MAB secured a zoning change on the property for it. The site allows for a floor area ratio of up to 3.5.
NAI Hiffman’s Lawrence Much and Ted Staszak are handling the listing.
A slew of new office space is coming to Fulton Market, including 1.7 million square feet that Sterling Bay is developing on Green Street, along with other projects from Shapack Partners, Mark Goodman & Associates, and other developers.
About NAI Hiffman
Comprised of more than 160 real estate professionals, NAI Hiffman provides leasing, management, investment sales and capital markets representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages an 80+ million SF portfolio of over 700 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout the world, with 7,000+ local market professionals, handling over $20 billion in transaction value and managing 425+ million SF of property. For more information, please visit www.naihiffman.com.
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