Candy giant Mars is planning a large office in Chicago’s Fulton Market after its recent acquisition of Kellanova for $36 billion.
Mars has struck an agreement to lease a large block of space in the 16-story building at 400 N. Aberdeen St., according to people familiar with the situation.
If the deal is finalized as expected, it will be a major addition to Mars’ already big presence in Chicago after its purchase of Kellanova.
That spinoff from cereal giant Kellogg was headquartered in Chicago.
Mars this month announced the completion of the deal to acquire a Kellanova business that included brands such as Rice Krispies Treats, Pringles, Cheez-It, Pop-Tarts, RxBar and Kellogg cereals.
The exact size of the Fulton Market lease could not be determined, but it is believed to be well over 100,000 square feet.
McLean, Virginia-based Mars has been touring the downtown Chicago market for large blocks of space, according to people familiar with the situation. The largest contiguous space at 400 N. Aberdeen is about 170,000 square feet, CoStar data shows.
It’s unclear where employees will be moving from when the Fulton Market space opens.
Mars has a recently expanded office and research campus on Goose Island on the city’s North Side, while Kellanova has been based in a boutique office building at 412 N. Wells St. in River North.
In a statement to CoStar News, a Mars spokesperson neither confirmed nor denied plans to lease space at 400 N. Aberdeen.
“We don’t comment on speculation regarding our real estate transactions,” the statement said. “We operate a very large U.S. footprint with more than 70,000 associates across multiple business segments and divisions, and are always evaluating investments and optimizing office space.”
The Aberdeen Street building is one of two Fulton Market buildings that Dallas-based landlord Trammell Crow markets as Fulton Labs, with tenants including traditional offices, life sciences labs and research-and-development uses.
Trammell Crow declined to comment to CoStar News.
Tenants at 400 N. Aberdeen include a research hub backed by Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, an Illinois Institute of Technology research space and chemical products company Mattiq. In a recent deal, battery technology startup Pure Lithium moved its headquarters to the building from the Boston area.
The tower was completed in 2022 and is about 51% leased, not including the Mars deal, according to CoStar data.
In 2022, Mars announced plans to create its largest innovation hub through an approximately $40 million expansion of its office and research campus on Goose Island. That expanded space opened in early 2024.
For the record
The tenant is represented by CBRE broker Todd Lippman. The landlord is represented by CBRE broker Dan Lyne.