CBRE Arranges Office Sale in Fulton Market

CBRE has arranged the sale of 217 N Jefferson, a 58,803 square foot boutique, in brick-and-timber construction, creative loft office building in Chicago’s Fulton Market district. Metonic sold the property to a private buyer. A sale price was not disclosed.

CBRE’s Keely Polcynski and Blake Johnson represented the seller, Metonic, in the transaction.

Built in 1937 and renovated in 2017, 217 N Jefferson is a six-story brick and timber office building at the doorstep of Fulton Market. The sale also included 40 surface level parking spaces.

“Downtown Chicago’s collection of fully repositioned, loft office buildings are some of the best preforming assets in the city, making this offering exceedingly rare,” said Polcynski. “It is no secret that there is an increased emphasis on quality space and Fulton Market is leading the way in this category.”

The Chicago office market has seen a tremendous flight to quality buildings over the past two years. According to a recent CBRE report, between Q1 2020 and Q1 2022, 60 office leases of more than 20,000 square feet were signed by tenants relocating in the Chicago market; of those leases, 79 percent upgraded their space by building class and 85 percent moved to a building that was either recently built or underwent a major renovation.