Vista Property Group Nears $34M Deal for Fulton Market Office Building

Vista Property Group is seeking to acquire the eight-story office building at 318 North Carpenter Street in Chicago's Fulton Market for about $34 million, or roughly $324 per square foot, according to Crain's. The deal is not finalized. The price would rank among the highest per square foot in downtown Chicago in recent years. The 105,000-square-foot building went on sale earlier this year; a $43.3 million loan backed by the property and held by Murphy Development Group and Creek Lane Capital matured over a year ago. The sale reflects diverging fortunes within Chicago's office market. Fulton Market has held firm, with 1201 West Lake Street and 315 North Racine Avenue trading at $275 and $289 per square foot this year, while Loop prices sit near $100 per square foot. The building was 78 percent leased to nine tenants in June, with a weighted average lease term of 7.6 years. The purchase extends Vista's Fulton Market bet, alongside a 494-unit apartment complex at 370 North Morgan Street and a planned residential high-rise at 400 North Morgan Street.