DECEMBER 19, 2017
Vital Proteins Announces Lease of 37,353 Square Foot Headquarters with Retail Space at ASB and Madison Capital’s Fulton Market Redevelopment
CHICAGO, IL – Vital Proteins, a Chicago-based collagen and wellness company, announced today that it has signed a 10-year lease for a permanent headquarters at 939 W. Fulton Market. The new space is expected to be completed in late 2018 and will total 11,750 square feet of retail space and 25,603 square feet of office space. The property is owned and being redeveloped by ASB Real Estate Investments and Madison Capital.
The new headquarters will be an inspirational wellness setting for up to 160 employees. The company continues to see explosive growth as a category leader in collagen-based nutrition and expects to double their total number of employees over the next 18 months. In addition to their new office space, Vital Proteins’ employees will enjoy the building’s expansive rooftop, which will include outdoor space for the team and an organic urban farm.
“Our vision for 939 W. Fulton is to create an office environment that embodies our values of helping people live full, vibrant lives, and also brings those values to the community with an innovative retail component that will inspire through these health and wellness aspects of Vital Proteins,” said Kurt Seidensticker, founder and CEO of Vital Proteins. “We have big plans for the building, and are beginning construction with the concept to develop a community of both employees and the general public. We selected Fulton Market for our headquarters because of its vitality and creative energy.”
The move is a return to the West Loop for the four-year-old company. In the early days, Vital Proteins was housed in WeWork’s collaborative workspace in the West Loop. As the company grew, it moved to Wicker Park, and eventually returned to Fulton Market this year with an interim lease at its current headquarters at 1201 W. Washington Blvd.
Vital Proteins, a pioneer in the ingestible collagen space, creates clean, sustainably-sourced collagen protein to help support skin, hair, nails, bones and joints. As the business has grown, it has expanded nationally into over 10,000 stores, though it still calls Chicago home. In tandem with the new headquarters, Vital Proteins is also currently constructing a new 180,000-square-foot manufacturing and distribution facility located at 3400 Wolf Road in Franklin Park.
Nick Franzetti, Senior Vice President and Mid-Atlantic Head of Investments for ASB said, “We believe the Fulton Market neighborhood will continue to draw the attention of notable businesses like Vital Proteins as the neighborhood evolves into one of Chicago’s most exciting 24-hour submarkets. As our extensive redevelopment activities across our Fulton Market portfolio progress, we expect to meet increasing tenant demand for space in this dynamic and vibrant West Loop location.”
In addition to the 939 W. Fulton Market property, the ASB/Madison portfolio includes 936 W. Fulton, 312 N. Carpenter and a new development at 328 N. Carpenter which will feature 95,000 square feet of office space. All four properties are located within short walking distance of Google and McDonald’s headquarters.
Kelsey Scheive and Mark Buth of MB Real Estate’s Leasing Services represented building ownership in the transaction. Dougal Jeppe and Matthew Stauber of Colliers International represented Vital Proteins.
Vital Proteins is working with Solomon Cordwell Buenz to design their space. The goal is to maintain many of the historic landmark building’s original features, including its external structure, exposed brick walls, and wood floors and ceilings. They also plan to blend the wellness company’s signature look and feel, which will include greenery and clean, modern design.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. The firm’s portfolio comprises over $2.5 billion of commercial real estate assets in New York, Chicago, Miami, and San Francisco. For more information about the company, visit www.mcapny.com.
About Vital Proteins ®
Vital Proteins’ whole food-based, collagen-boosting collection was created to nourish those who seek a life without limits and a path to natural, youthful vibrancy. Vital Proteins’ products are all-natural sources of essential proteins and nutrients made with the highest quality clean-label ingredients. Get the most out of every day with great-tasting collagen-based nutrition that promotes overall health and wellness from the inside out. For more information, please visit www.vitalproteins.com.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.5 billion* in gross assets under management for over 360 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.
*as of September 30, 2017
The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.