The newest firm relocating to Fulton Market is one of the neighborhood’s most prominent developers.
Tucker Development has relocated its headquarters from suburban Highland Park to 954 West Washington Boulevard in Fulton Market, the company announced. The family-owned developer has had an office in the building since 2016 but will take an unspecified amount of additional space to accommodate the relocation.
In making the move, Tucker said it wanted to concentrate in one of the city’s most booming neighborhoods, an area where the firm is focusing more of its development efforts.
It is also just the latest suburban company to move its operations to Fulton Market, which has the most in-demand office space in the city. Fulton Market has also become increasingly crowded with developer headquarters. Sterling Bay sold its headquarters building this summer for $175 million, the priciest office sale of the year. McCaffery Interests has moved its headquarters to its new office building at 1201 West Lake Street.
“That momentum, together with our growing portfolio of city projects under management and development, made now the ideal time to concentrate our operations in this central location,” Tucker’s chief investment officer, Aaron Tucker, said in a statement.
In 2017, Tucker unveiled its redevelopment of a square block of historic properties in the 900 block of West Randolph Street. The office space is fully leased, and its retail tenants include Lululemon, Bluemercury and Jeni’s Splendid Ice Creams.
Earlier this year, Tucker sold a stake in the development known as 900 West, with Asana Partners paying $41.6 million for a portion of the property.
Tucker did not include in the sale a Peoria Street-facing parcel where it is planning a 495-foot-tall condo project with Related Midwest.
The firm is also working on its District 1860 project in Lincolnwood, where it plans a 220-key hotel, 300 apartments, and 70,000 square feet of retail space. It is slated to be delivered in mid-2021, according to Tucker’s website.
That development is the source of a lawsuit between the village of Lincolnwood and Lake Forest Real Estate Capital, which accused the village of steering the project towards Tucker.
Tucker also partnered with Sears real estate offshoot Seritage Growth Properties on the redevelopment of a former Sears location on the Northwest Side.
The firm will continue to manage its former Highland Park headquarters.Recommend0 recommendationsPublished in