Related’s Fitness Club Brand Equinox Eyes Fulton Market Lease

A fitness club brand owned mostly by Related Companies head Stephen Ross might hop in bed with another developer to raise its flag in Fulton Market.

Equinox is in talks to lease about 40,000 square feet at 919 West Fulton Street, a 409,000-square-foot office development led by investor Shanna Khan and Fulton Street Companies, Crain’s reported.

The deal hasn’t been completed and could fall apart entirely. But if finalized, Equinox would bring a luxury gym to Fulton Market, which has rapidly evolved from a bygone meatpacking district to one of Chicago’s hottest neighborhoods.

Office developments are risky these days, amid record-high vacancies stemming from the remote-work era, but the 919 West Fulton project is already showing signs of promise. The developers scored a $200 million construction loan for the $300 million project last year, a triumph given the tight lending standards that have stymied developments across the city.

Plus, Christopher Merrill’s Harrison Real Estate Capital has pre-leased around 150,000 square feet in the 11-story building. Gibsons Restaurant Group, the business behind the well-known Chicago steakhouse brand, plans to open an eatery on the ground floor.

With over 2,000 apartments currently under construction or recently completed in Fulton Market, the neighborhood is experiencing a surge in demand for upscale amenities, including premium fitness facilities, the outlet said.

The envisioned Equinox location would complement existing fitness offerings in the neighborhood, which include establishments like the Soho House hotel, the West Loop Athletic Club and various boutique fitness studios.

Equinox’s expansion plans in Chicago have been buoyed by a recent injection of capital, with the company announcing $1.8 billion in new funding aimed at refinancing loans and supporting growth initiatives. The proposed lease in Fulton Market aligns with Equinox’s broader strategy to enhance its presence in key markets worldwide.—Quinn Donoghue