Murphy Development Plans 7 Story Office Building in Fulton Market

Murphy Development is planning to build a seven story office building next to Google Midwest headquarters in Fulton Market according to Chicago Construction News.

John Murphy, the CEO of Murphy Development stated that the project which includes the land acquisition and construction costs will total $50 million. The developer plans to close the acquisition deal in January and start demolition and work immediately after that. 

The building will be a 100,000 square foot project on the site of the former Sam's Meat warehouse in the Fulton Market District at 328 North Carpenter St. and was owned by Venture Capital. A 10,000 square foot retail space on the ground floor and a 9,000 square foot rooftop deck will also be included. 

Per The Real Deal, many other developers are planning office projects around the 
Google property. Developer Mark Goodman wants to build a 12 story, 268,000 square foot office building just east at 310 North Sangamon Street.

Construction firm Summit Design + Build is constructing a five-story office building at 1040 West Fulton Street.

Sterling Bay has plans in the works across the street from Google at 345 North Morgan Street where it also aims to build a movie theater and just bought property immediately north of Google at 1000 West Carroll Avenue for $20 million.

Murphy Development has other plans for more projects and most notably its role as lead developer on the former Cook County Hospital redevelopment.

According to Crain's Chicago Business, Murphy Development took over this project from Madison Capital after the city had approved it last year.

About 6 million square feet of office space is under construction or in the planning phase in the Fulton Market District. This project will be bringing more office supply to the fast changing corridor that has increasingly become a corporate destination. 

"It's all about the location. The activity is so robust, the absorption is strong...I think we're properly positioned from a location and floor plan project profile to be successful."

CEO of Murphy Development | John Murphy

Murphy stated he has construction financing lined up and plans to begin work regardless of whether he has pre-leased any of the office space, though he expects to sign a tenant or two soon. 

Per Burnham Nationwide, Chicago's Fulton Market District has been moving steadily away from its history as Chicago's center for food processors and distributors since 1880 and has become a magnet for large companies looking to relocate to spacious office buildings in this thriving area.