As Chicago's office construction pipeline remains dry, $350 million office building opens in Fulton Market

The only high-end office building to break ground in Chicago since 2023 has opened in Fulton Market.

The Fulton, 919 W. Fulton St., opened in late January, and the $350 million project is about 60% leased — pre-leasing hovered near 50%, according to real estate firm Transwestern.

The building bridges the sleek amenities that many companies are want for their workers and the industrial roots of Fulton Market by combining new construction with the conversion of the original Schwinn bicycle factory.

A glass atrium connects the two buildings, which has lured companies like Coca-Cola, which is leasing two floors in the former Schwinn building for its Midwest headquarters.

Fulton Street Cos. founder and president Alex Najem is confident the building will continue to draw more tenants, as Fulton Market remains one of the bright spots in the city’s sluggish office market. The company also said The Fulton is the only new Class A office building to break ground, which real estate research firms have also said.

“As soon as the new year hit, it was crazy,” Najem said of interest in the building. “There’s no space left in this market.”

Research from Transwestern shows that Fulton Market is the most sought-after area for office space. The vacancy rate in Fulton Market/Near West Side is only 10.9%, the lowest of any submarket based on Transwestern's data. It’s also well below Chicago’s average office vacancy rate of 22.6%.

The vacancy rate in East Loop, by comparison, was 28.7% during the last quarter of 2025. In River North, it was 25%.

The Fulton brings much-needed office space to Fulton Market. The 11-story building spans 535,000 square feet, making it one of the neighborhood’s largest office buildings, according to Fulton Street Cos.

Fulton Street developed the building with Shanna Collective, a real estate and design firm founded by Shanna Khan. Khan’s father, Shahid, owns the Jacksonville Jaguars. Morris Adjmi Architects and FitzGerald designed the project, alongside Shanna Collective.

“Fulton Market is such a vibrant neighborhood. The energy is absolutely electric, and I am so proud that we have been embraced by this thriving community,” Khan said in a news release. “Chicago’s legacy of resilience provided a spark of inspiration in the greater calling to go all in on The Fulton. … I am betting on a bright future for Fulton Market.”

The site of the new construction was previously vacant land, Najem said, falling in the historic Fulton-Randolph Market district.

The developers negotiated with the city to build up to 180 feet tall, as long as the initial height of the new building matched the existing Schwinn building at 212 N. Peoria St., according to Najem. That resulted in a building that’s about 90 feet at the street and rises as it steps back.

The new office building features floor-to-ceiling windows, private outdoor terraces and a rooftop bar. The top floor is a hospitality-style amenity suite that includes a conference center, 4,000-square-foot fitness center, tenant lounge and outdoor terrace.

“I think a big reason why tenants are moving here is because of the amenities that we offer,” Najem said.

Tenants — like the building’s anchor, Harrison Street Asset Management — originally planned to build out more amenities within their offices, Najem said. But when they saw the offerings at The Fulton, they pulled back on some planned amenities and were able to cut costs.

Harrison Street and others have still made big swings to lure talent to the office. The investment management firm moved into three floors on Jan. 20, with its office including an internal staircase, lounge with a bar and coffee station that has an in-house barista.

Every tenant in The Fulton is expanding their footprint in Chicago, Najem said. Financial firm Permanent Capital’s previous office in Fulton Market was 500 square feet. They’re now taking up 10,000 square feet at The Fulton. BlackEdge Capital, another financial firm, is growing from about 9,000 square feet to 15,000 square feet.

“It’s been a growth story,” Najem said.

The Schwinn building is still being converted from apartments into office, a rarity compared to the growing residential conversion trend.

Once complete later this year, Coca-Cola will take over the top two floors. There are three floors in the middle of the building that are still available.

The ground floor will become nearly 14,000 square feet of retail space, while the other retail area of the property is leased by Equinox and Gibsons Bar and Steakhouse.