318 N Carpenter
Chicago, IL
Completed | October 2020
Overview
| Acquired | December 2018 |
|---|---|
| Type | Office |
| Strategy | Build to Core |
| Office SF | 95,874 |
| Retail SF | 9,533 |
Summary
318 N Carpenter is an eight-story 105,407 SF office building with street-level retail located in Chicago’s bustling Fulton Market submarket. Construction of the building commenced in 2019 and was substantially complete as of October 2020.
The property is constructed to current Class A office standards and features sought-after amenities such as a rooftop deck and private outdoor terraces. 318 N Carpenter has attracted a diversified office tenant base with Salon Lofts and a potential restaurant concept occupying the retail space.
investment rationale
Fulton Market has been the most active office submarket in Chicago. The submarket is attracting companies from industries new and old, looking to attract a young, well-educated workforce that seeks a live-work-play environment.
The building’s boutique nature, smaller floor plates with access to outdoor spaces position it for the post-COVID office environment. Tenants can occupy a single floor and layout their space with social distancing in mind.
Creek Lane is the limited partner with Murphy Real Estate Services as the general partner and developer. Murphy has an established track record in the Chicago market. Murphy and The Walsh Group have previously developed projects throughout Chicago together.