CHICAGO - Shorenstein Properties LLC has confirmed its acquisition, in a venture with collaborative workspace provider WeWork and locally-based partners Shapack Development and AJ Capital Partners, of 210-20 N. Green Street, a former meat processing facility in the city’s Fulton Market district. Terms of the transaction were not disclosed.
The 83,000 square foot, six-story building was built in 1893 and expanded in 1920. It has operated as Amity Packing Co. since 1974 and as a meatpacking facility since it was built. Former owner and occupant Amity Packing is relocating.
Shorenstein and the partners intend to extensively renovate and reposition the property as a boutique mixed-use commercial building with 19,000 s.f. of retail space and 64,000 s.f. of creative office space.
WeWork signed a lease to occupy all of the office space when the renovation work is completed next year, bringing the building to 77 percent preleased prior to opening. The retail space will be available for lease.
Located west of Chicago’s Loop, Fulton Market is a rapidly evolving and popular mixed-use district with many trendy restaurants, galleries and residential lofts. The opening of a CTA Pink/Green Line station at the corner of Lake and Morgan Street last May significantly improved the area’s public transit access, and this has led to the migration of significant office users into the area as redeveloped buildings become available. Recent announcements include Google, Sara Lee Corporation and bicycle component manufacturer SRAM.
Shorenstein completed this investment on behalf of its fund, Shorenstein Realty Investors Ten, L.P.
San Francisco-based Shorenstein Properties LLC (www.shorenstein.com) is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of office and mixed-use properties. Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of co-mingled institutional capital. Shorenstein provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly owned property services affiliate, Shorenstein Realty Services.
WeWork (www.wework.com) empowers entrepreneurs, start-ups, and independent contractors to succeed by providing a collaborative community and services ranging from affordable healthcare to payment processing to discounts on Zipcar, hotels, and local businesses that allow them to focus their energy on growing their businesses. With multiple locations in New York, San Francisco, Los Angeles, and now Chicago, WeWork is rapidly growing its community to become the largest network of small businesses in the U.S.
Adventurous Journeys Capital Partners, based in Chicago, is an accomplished team of hospitality and real estate investors whose innate passion is to create a one-of-a kind portfolio of timeless assets. The company's mission is to achieve optimal risk adjusted returns for its investors who are seeking long-term capital investments. The group develops, owns, and operates commercial and hospitality assets and businesses around the world. AJ Capital Partners continues to grow its portfolio of luxury lodging investments, firmly establishing the group as visionary leaders in the lifestyle-driven investment industry. For more information, please visit http://www.ajcpt.com
Shapack Development (www.shapack.com) is a Chicago-based real estate development company that acquires, develops and repositions commercial properties throughout Chicago neighborhoods including the Gold Coast, Bucktown, Lincoln Park and Fulton Market. Shapack focuses on commercial and mixed used development with a speciality in luxury retail, restaurants and office. Within Fulton Market, Shapack is redeveloping the Chicago Allis Manufacturing Building into Soho House Chicago.