Vista Property Group Bids $34M for Fulton Market Office
The potential purchase of the 318 North Carpenter office building reflects the neighborhood's high valuation.
Updated on Oct. 30, 2026 in Commercial
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Vista Property Group is working to acquire the 105,000-square-foot office building at 318 North Carpenter Street for approximately $34 million. The potential deal in Chicago’s Fulton Market reflects the neighborhood's resilience in office leasing and pricing.
Why it matters
The deal signals continued investor interest in Fulton Market office space, which has maintained higher occupancy rates and valuations than other parts of downtown Chicago. This transaction follows the maturation of a $43.3 million loan on the property over a year ago.
The proposed $34 million purchase price values the 105,000-square-foot property at $324 per square foot. As of June, the building was 78 percent leased across nine tenants, who hold a weighted average lease term of 7.6 years.
The players
Vista Property Group
A developer and investor known for recent Chicago office and residential projects including the site at 609 West Randolph Street.
Murphy Development Group
A real estate development firm involved in the original financing for the property at 318 North Carpenter Street.
Creek Lane Capital
An investment firm that partnered on the development and financing of the office building.
PGIM Real Estate
The investment manager that provided the $43.3 million loan used to finance the construction of the building.
The details
Vista Property Group seeks to acquire the property as it continues to expand its footprint in the neighborhood. The deal comes as Fulton Market distinguishes itself from the broader Chicago market, where office space valuations and occupancy often lag. The site currently serves nine tenants, and the potential buyer is actively diversifying its portfolio with residential projects in the area.
Timeline
2022: Vista Property Group developed the office building at 609 West Randolph Street.
June 2026: The 318 North Carpenter Street property reached a 78 percent leased status.
2026: The office building at 318 North Carpenter Street went up for sale.
2027: Vista Property Group is set to finish a 494-unit apartment complex at 370 North Morgan Street.
The Home Front
The potential sale at 318 North Carpenter Street underscores the persistent valuation gap between Fulton Market and other Chicago districts. This localized trend persists even as developers shift focus toward large-scale residential projects to meet changing urban demand.
Chicago residents monitoring local real estate shifts should note that Fulton Market remains a high-demand area for both commercial and residential investment. Keep an eye on local development filings if you are tracking neighborhood construction noise or future amenity changes near North Morgan Street.
The takeaway
Fulton Market office properties continue to hold significant value compared to the broader Chicago market. Investors and residents should track the progress of new residential high-rises at 400 North Morgan Street as a signal of ongoing neighborhood density changes.
Further reading
For more trends in the local market, visit Commercial.
Source note: This article includes information reported by The Real Deal New York.
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