The Republic of Indonesia bought a 20,000-square-foot building at 211-217 North Carpenter Street in Fulton Market, a neighborhood that continues its resurgence.
The country, which paid $8.6 million, will now move its Chicago consulate from rented space at 211 West Wacker Drive, according to Crain’s. Records show the Indonesian government paid cash for the building.
The former meatpacking district has become a hotbed of office, hotel, residential and retail development, but this would mark the first diplomatic outpost in the area.
Susan Aurinko, a photographer, and her husband, Gary Mostow, bought the two-story brick building for just under $1 million in 2002.
The couple lived on the second floor of the building and ran a gallery on the first until renting it out to the Chicago Artists Coalition starting nine years ago. The artists coalition recently signed a lease to move to 2130-2140 West Fulton Street, Crain’s said.
McDonald’s opened its new headquarters in Fulton Market this week, and the arrival of the burger behemoth already had neighboring property owners looking to cash out. Google helped jumpstart the neighborhood’s transformation when it moved its Midwest headquarters to the 1K Fulton building at 1000 West Fulton.
Local developers like Sterling Bay and Shapack Partners have been among the more active in the neighborhood, though a Canadian developer recently entered, buying its first property in Fulton Market. [Crain’s] — John O’Brien