Shapack Partners Update 07/10/24

Barstool Sports New Offices Up for Sale

Chicago developer Jeff Shapack and investor Alec Litowitz are selling a 57,000 square foot former warehouse that they recently converted into luxury offices. The building features a basketball court and golf course simulator that were constructed for tenant Barstool Sports and its employees. Barstool has a current lease for 40,000 square feet of the building, along with battery manufacturer, Nanograf, occupying the remaining space. Brokerage firm Cushman & Wakefield will spearhead the sale, which is estimated to sell for about $25 million. Marketing appeals for prospective buyers include cashflow from current tenants, the building's prime location near Fulton Market, and redevelopment opportunities when the Barstool and Nanograf leases expire, with the site zoned for an additional 100,000 square feet of interior space.

Barstool Office

Photo by BKV Group

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