CHICAGO— American Realty Advisors has acquired 1K Fulton , the most notable office property in the ascendant Fulton Market area, for $257 million, or about $483 per square foot, one of the higher prices paid for a Chicago building. By comparison, two years ago 300 N. LaSalle was purchased for about $654 per square foot. The seller Sterling Bay's renovation of the former cold storage building at 1000 W. Fulton touched off a flurry of development that has transformed the once gritty industrial neighborhood into an office center that now brings in Fortune 500 firms. Google , for example, leases two-thirds of this 531,190 square foot complex, which opened in late 2015. Furthermore, McDonald's recently announced that it would move its corporate headquarters from suburban Oak Brook to nearby Harpo Studios . According to Martha Shelley , senior portfolio manager for American, securing an asset like 1K Fulton, now almost fully occupied by high-quality tenants with long-term leases, is a significant accomplishment, and furthers the Glendale, CA-based firm's investment objectives. “American has continued to position its portfolios defensively, investing in true core assets in major markets and highly dynamic submarkets across the country,” she says. “We believe that this is the most effective approach at this point in the market cycle, and the 1K Fulton acquisition is reflective of our strategy.” According to Ray Kivett , American's managing director, investments, says that “average current in-place rents are approximately 15% below market, which supports the purchase price of $257 million, providing the opportunity for American to increase cash flow and returns for investors.” Sterling Bay was represented by David Knapp and Stephen Livaditis of Eastdil Secured . Google CHICAGO— American Realty Advisors has acquired 1K Fulton , the most notable office property in the ascendant Fulton Market area, for $257 million, or about $483 per square foot, one of the higher prices paid for a Chicago building. By comparison, two years ago 300 N. LaSalle was purchased for about $654 per square foot. The seller Sterling Bay's renovation of the former cold storage building at 1000 W. Fulton touched off a flurry of development that has transformed the once gritty industrial neighborhood into an office center that now brings in Fortune 500 firms. Google , for example, leases two-thirds of this 531,190 square foot complex, which opened in late 2015. Furthermore, McDonald's recently announced that it would move its corporate headquarters from suburban Oak Brook to nearby Harpo Studios . According to Martha Shelley , senior portfolio manager for American, securing an asset like 1K Fulton, now almost fully occupied by high-quality tenants with long-term leases, is a significant accomplishment, and furthers the Glendale, CA-based firm's investment objectives. “American has continued to position its portfolios defensively, investing in true core assets in major markets and highly dynamic submarkets across the country,” she says. “We believe that this is the most effective approach at this point in the market cycle, and the 1K Fulton acquisition is reflective of our strategy.” According to Ray Kivett , American's managing director, investments, says that “average current in-place rents are approximately 15% below market, which supports the purchase price of $257 million, providing the opportunity for American to increase cash flow and returns for investors.” Sterling Bay was represented by David Knapp and Stephen Livaditis of Eastdil Secured .