Recently-Completed Fulton Market Property Attracts Local, AgTech Startup Founded to Fight Food Waste
Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, announced today an agreement withHazel Technologies, Inc. (“Hazel Tech®”) to lease over 50,000 sf at 320 North Sangamon. Hazel Tech is the second customer to sign a lease at the new Fulton Market property in recent weeks.
Hazel Tech’s planned relocation to the propertyreflects the innovative company’s rapid expansion in recent years and emergence as a rising tech employer in the Chicago area. Foundedin 2015 by a group of Northwestern University students, the company developscutting edge technologies that help growers, shippersand retailers reduce food waste in their supply chains.
Hazel’s growth has not only been fueled by customers and private investors; Theirproduct development is also funded in part by the United States Department of Agriculture (USDA) and their technology is validated by academicinstitutions like UC Davis and University of Florida. The company recently closed aSeries C investment roundbringing overall funds raisedto over $87 million.The company is currently filling open positions across all departments including R&D, Commercial, Product, and Operations.
The transaction follows an early July announcement that Tock, the restaurant industry’s leading reservation platform, also will relocate its headquarters to 320 North Sangamon in early 2022.
320 North Sangamonis an all-inclusive destination designed with everything one needs to create, innovate, collaborate and engage. Tishman Speyer collaborated with Chicago-based project firm Solomon Cordwell Buenz to design the property in step with the history of Fulton Market, while emphasizing a focus on wellness via the innovative design, advanced technologies and engineering systems Tishman Speyer is known to deliver around the globe.
The building features floorplates ranging from 24,000 to 27,000 square feet with 13-foot heights and minimal columns to provide each customer with an efficient plan to design their forward-thinking office environment. The penthouse offers an expansive indoor/outdoor wellness center, lounge and conferencing.
Hazel Tech’s employees will enjoy access to ZO., Tishman Speyer’s broad-based offering of lifestyle services and experiences that is exclusive to occupants within the firm’s portfolio. They also will benefit from advanced wellness and sustainability features cited in conjunction with the building’s LEED Gold and FitWel certifications, and notably its Dedicated Outdoor Air System (DOAS), which is the first and only 100 percent water-based DOAS for an office building in Chicago.
The property also has received WiredScore certification, recognizing that the building is fully prepared to meet the considerable connectivity needs of technology-oriented tenants along with other forward-thinking companies choosing to take their places in Chicago’s amenity-rich Fulton Market neighborhood.
Co-developed with Chicago-based Mark Goodman & Associates. 320 North Sangamon (https://320northsangamon.com/) is the latest addition to Tishman Speyer’s large Chicago real estate portfolio, which includes The Franklin and CME Center, and totals approximately seven million square feet of office space. Ellen May, Adam Mitchell and Olivia Parker of Tishman Speyer are the property’s leasing representatives.
David Saad at CBRE represented Hazel Tech in the transaction announced today.
“Our mission is to deliver cutting-edge products that extend shelf-life and improve the quality of food for every person involved, said Parker Booth,” Chief Operating Officer.“We believe Tishman Speyer and 320 North Sangamon will provide us with a supportive environment to engage our people and achieve our goals. We look forward to being here, in the heart of the Chicago’s historic Fulton Market innovation district, as we move forward.”
Tishman Speyer Senior Managing Director Ryan Botjer commented, “We have been seeing a pickup in leasing activity in the Fulton Market area. As anticipated, companies are looking closely at the array of advantages offered by 320 North Sangamon. We certainly welcome Hazel Tech to the property and are pleased that an innovative company that is doing such great things has chosen to become our customer.“
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 28 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 453 properties, totaling 210 million square feet, with a combined value of approximately $113 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Hazel Technologies, Inc. (www.hazeltechnologies.com)
Hazel Technologies is a USDA-funded startup company that develops new technologies to extend the quality shelf life of fresh produce. Founded in 2015, Hazel Tech® works with over 250 of the largest fresh produce packers, shippers, and retailers in the US and Latin America.