In today’s evolving real estate markets it’s no longer just the modern office towers clustered in city centers or the strategically located business parks that are considered to be core property assets.
New spaces are entering the core asset class like never before. Last year, the building transaction with the highest price per square foot in Chicago was 1K Fulton, a 100 year-old former cold storage building. The structure has been transformed into a WELL, LEED Gold and LEED Platinum O+M certified, Energy Star-rated space offering flexible floor plates.
“Usually the highest price per square foot is in trophy buildings – many of which can be found in some of the well-known skylines of America’s cities,” says Christian Beaudoin, JLL’s Director of Research in the U.S. “Now, some established office buildings are worth less than a loft building in Chicago’s Fulton Market.”