Coca-Cola’s interest in a historic building in Chicago’s Fulton Market district could put a major redevelopment project on pause.
The Atlanta-based beverage giant is reportedly in talks to lease over 40,000 square feet in Alex Najem’s 19th century property at 910 West Lake Street, CoStar reported, citing people familiar with the matter. The potential deal would mark a significant shift for the Lake Street Lofts building, which Fulton Street Companies bought in 2022 for $49 million.
It was built as the Schwinn bicycle factory in the 1880s.
Najem’s firm previously planned to include the six-story building in a larger office project but later pivoted toward converting it into a 140-room hotel under the Drift brand.
Coca-Cola’s potential move into the space, however, could force the developer to scrap the hotel plans and reconsider its original vision of turning the building into office space.
The Fulton Market district has evolved over the past decade from an industrial and meatpacking hub into a mixed-use district. The shift has fueled significant residential development, with more than 2,000 apartment units under construction or recently completed, according to Integra Realty Resources.
Fulton Street Companies has been among a handful of developers, including Shapack Partners and Andy Gloor’s Sterling Bay, to spur Fulton Market’s growth in recent years. This growth has attracted major companies like Google and McDonald’s, which have established corporate headquarters in the region.
Coca-Cola could soon join the list of prominent companies choosing Fulton Market as the base for its operations. The company operates two office spaces in Chicago: 7,400 square feet at 1201 West Lake, and 16,700 square feet at 1001 West Adams Street, which houses Fairlife, its dairy subsidiary.
If the deal goes through, Coca Cola would likely consolidate those offices into the Lake Street Lofts location, which would provide more room for its expanding operations in the area.
— Andrew Terrell
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