Shapack Venture’s $247 M Refi at 167 North Green Street Speaks Volumes About Fulton Market

In a bold move signaling selective resilience in Chicago office space, Shapack Partners led a joint venture to refinance 167 North Green Street with a $247 million, interest-only, five-year loan from Deutsche Bank. This deal replaces their $232 million loan from 2021 and locks in a 6.7% rate.

Fulton Market’s Premium Product Stands Strong

At 638,800 sq ft and nearly 92% leased—well above downtown Chicago’s 73% average, 167 North Green Street embodies the type of high-demand, amenity-rich office that continues to draw tenant and lender interest therealdeal.com. Anchored by long-term tenants like CCC and MoLo (though MoLo is exploring sublease options), this building’s robust performance shows why top-tier office space in Fulton Market remains insulated from the broader downturn.

What This Means for the Chicago Office Market

• Capital is still flowing—but selectively. Lenders like Deutsche Bank and Wintrust are backing well-positioned properties with strong occupancy and market appeal.

• The bifurcation is real. Tier-A buildings in vibrant submarkets like Fulton Market, such as 167 North Green Street, are attracting funding and enjoying steady leasing, while older, less tech-forward assets—especially in the Loop—struggle.

• Investor confidence is moderate but cautious. This refinance isn’t a distressed bailout; it’s a strategic capital play, signaling that moderate optimism remains for flag-grade assets in high-momentum areas.

Key Takeaways for Owners and Investors

• Location and quality rule. Space in Fulton Market isn’t just office space—it’s workspace space with a compelling experiential value that tenants are still seeking out.

• Lender appetite is nuanced. Capital isn’t drying up—it’s becoming smarter. Properties like 167 North Green Street, with strong fundamentals, have access; underperforming assets, not so much.

• Strategy shifts matter. Owners should consider upgrades or repositioning to meet tenant preferences for design, wellness, amenities, and community. That’s where capital is headed.

If you’re evaluating your next move in this shifting market, it’s time to focus on what’s still working—and why. Properties like 167 North Green Street show there’s a playbook for success in today’s office environment. Our Chicago commercial real estate brokerage team is here to help you apply it.