Greenstone Partners, a commercial real estate brokerage firm, has listed two contiguous loft buildings in Chicago’s Fulton Market District, just one-mile west of the city’s central business loop. The 78,246-square-foot multi-tenant flex building located at 350 N. Ogden Ave. is now listed at $11.9 million. The neighboring 345 N. Loomis, a 60,718-square-foot fully occupied building home to renowned recording and professional rehearsal facility The Music Garage, is listed at $9.8 million. Greenstone Partners’ Managing Partner, Danny Spitz is representing each of the sellers and marketing the properties.
“Conceptually, we see the endless opportunities these properties would convey to ownership by surveying the neighborhood success stories surrounding them - such as Fulton West, which advanced the life science ecosystem in Fulton Market, the 500+ new units recently delivered at Ogden and Randolph, as well as over two million square feet of new development proposed directly across the street,” said Spitz. “350 N. Ogden represents a blank canvas option for investors interested in establishing their own value enhancement vision with frontage and visibility along Ogden. 345 N. Loomis, on the other hand, presents the opportunity to purchase the building along with the successful music studio business as a bundle or an investor can solely purchase the property."
The partially occupied building at 350 N. Ogden, which is situated on a 22,245-square-foot parcel of land, is a concrete loft with 63,686 rentable square feet above grade space and a 14,561 rentable square-foot lower level with 12-foot ceiling height. The property includes ideal column spacing and very heavy floor loads to support additional density to the original structure. Additionally, the property features 15 parking spaces and multiple loading docks on two sides.
Home to The Music Garage, 345 N. Loomis has hosted A-list musical talents such as Sting and Chance the Rapper. Serious musicians appreciate the rehearsal studios with full back-lines and a “Showcase Room” provides a wide range of professional rehearsal services to accommodate every touring act, from international headliners to local bands. The music recording facility features dual construction 18” walls and custom sound suppression. 345 N. Loomis includes 51,250 of rentable square feet above ground space and a 9,468-square-foot built-out and occupied lower level. The 18,679 square feet of land also includes 22 private parking spaces and two exterior truck level docks. The property has benefited from extensive recent capital improvements and meticulous maintenance for the operating business.
“Within the past five years, we’ve seen a momentous shift in demographics for the Fulton Market area - once a warehouse district,” added Spitz. “The submarket has transformed into a beacon of industry attracting Chicago’s highest-profile office and luxury residential developments. Numerous projects are in construction and planning phases within a three-block radius of both listings and the highly anticipated Metra station, which will add further accessibility to the suburban workforce, will also function as a major catalyst for growth in Fulton Market.”
Along with the proposed Metra station’s Fulton Market stop, which would be located adjacent to the loft buildings listed, the location offers ideal public transit access less than 1/3 mile from the CTA Green & Pink Line Ashland ‘L’ station as well as access to multiple bus routes and close proximity to the CTA Blue Line ‘L’ Chicago station. Situated between access to expressways to the northern and western suburbs, the Ogden I-90/94 Kennedy Expressway access ramp is only 1/2-mile to the north of the property and I-290 access is 1 mile to the south along Ogden
Fulton Market’s mix of national and international brand office tenants include but are not limited to: the global headquarters of McDonald’s, the Google Midwest headquarters, Coca-Cola, WPP, Mondelez International, Dyson, Uber and Glassdoor. In addition to attracting office and life science tenants such as Talis and Xeris, the area is also home to high-end retail, luxury condos and apartments, critically acclaimed restaurants, and many new modern hotels.
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
