Trammell Crow Company Closes on Bow Truss Building in Core of Chicago's Fulton Market Neighborhood
P33, an Organization Aimed at Bringing Startups to Chicago, will Become the First Tenant in the Newly Transformed Tech Building, Located at 1234 West Fulton Market
January 6, 2020
Trammell Crow Company (TCC) announces the acquisition and transformation of 1234 West Fulton Market, a 12,563-square-foot property purchased in November 2019. The TCC team is in the process of renovating the vacant building and transforming it into a modern office space with a goal of acting as an incubator for growth-stage companies in Chicago. As the redevelopment completes, P33, the organization dedicated to transforming Chicago into top tier inclusive tech hub, is the property’s first tenant, signing a 5,549-square-foot lease to occupy roughly half of the building, which sits at the new epicenter of Fulton Market, on the corner of West Fulton Market and North Elizabeth Street. P33 will move into the office space in January, signifying its official launch in Chicago.
“Our new space at 1234 West Fulton Market provides us with a unique opportunity to foster greater collaboration across Chicago’s tech ecosystem. The transformation that’s taken place in the Fulton Market District is inspiring to us. One of Chicago’s most iconic and historic districts is now home to some of the most innovative companies. We look forward to moving into our new address and sharing more about our vision for the space later in the year,” said Erin Amico, Chief Marketing Officer of P33.
TCC purchased and began renovating 1234 West Fulton Market in November 2019. Renovations include exposing the bow truss ceiling, the original brick walls and the concrete floors, offering tenants a turn-key space for immediate occupancy, including new furniture. The building is situated just north of West End on Fulton, TCC’s speculative office development that will rise 14 stories and is slated for completion in the spring of 2020. The properties are part of a broader plan to reimagine the Fulton Market neighborhood as a Midwest tech hub, meeting the demand of the city’s growing companies.
“Our vision for 1234 West Fulton is for the building to act as an incubator for growth-stage companies – a modern office space where firms can grow their operations,” said Johnny Carlson, a principal in TCC’s Midwest Business Unit. “We are strong supporters of further developing Chicago as a tech hub, particularly this area of the city, and look forward to supporting P33 in this mission.”
Sara Spicklemire of CBRE represented TCC in the lease, while P33 was represented by Dan Lyne, Kyle Kamin and Matt Groppenbacher, also of CBRE.
P33 is on a mission to drive inclusive, global tech leadership for Chicago. With an honest and realistic view of our city, P33 is fueled by a need to unlock the potential of the digital age to solve some of the toughest problems facing Chicago, such as equitable access to digital careers, talent retention, deep science commercialization and gaps in our growth stage startup ecosystem.
P33 is co-chaired by Penny Pritzker, former Secretary of Commerce and founder and chairman of PSP Partners; Chris Gladwin, CEO and Co-founder of Ocient and Cleversafe; and Kelly Welsh, President of the Civic Committee of The Commercial Club of Chicago.
People, Purpose, Plans and Progress is the philosophy behind P33, with the vision that in 2033, a hundred years after the 1933 Chicago World’s Fair (A Century of Progress), our city is again a global technology leader. P33 is a collaboration among hundreds of Chicagoland leaders working together to turbocharge Chicago’s tech economy for all Chicagoans. P33 leverages Chicago’s key strengths--its diverse economy, strong system of universities and research centers, and growing start-up ecosystem—to catalyze Chicago’s tech economy into its next chapter.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.