Fulton Market is already known as a trendy office and entertainment destination. But Najem said a lease from a globally known fashion house will help bring in other major luxury brands to develop an upscale retail corridor the real estate firms aim to curate north of Lake Street. He drew a distinction between the firms’ vision for that area and Randolph Street, where chains like Raising Cane’s have moved in alongside tonier restaurants like Au Cheval and Nobu.
“It’s like Times Square versus SoHo right next to each other,” he said.
The building at 900 W. Lake St., which housed the original Schwinn bicycle factory shortly after it was built in the late 19th century, recently landed Coca-Cola and dairy product subsidiary Fairlife as office tenants on its upper floors.
Fulton Street Cos. and the firm’s capital partners have been among Fulton Market’s most active developers and investors over the past several years. Fulton Street Cos., in partnership with Khan and JDL Development, recently completed 919 W. Fulton St., the only high-end office project downtown Chicago has seen in years.
Khan is a co-owner of the Jacksonville Jaguars NFL team. Her firm has offices in Chicago and Jacksonville; its other projects include a boutique hotel in Urbana and the Four Seasons Hotel and Residences in Jacksonville.
Khan said the Rick Owens lease underscores her firm’s efforts to secure tenants who bring cultural relevance and long-term value to the area.
“Welcoming a world-renowned, avant-garde designer such as Rick Owens creates a platform for bold expression in fashion and the arts,” she said in a statement.
A representatives for Rick Owens didn’t immediately respond a request for comment.
Canvas Real Estate brokers Elan Rasansky and Anthony Campagni, along with broker Andrew Turf from Newmark’s Los Angeles office, represented the tenant.
CoStar News first reported on the Rick Owens deal.