663 North Michigan Avenue
— Chicago, USA
Mixed-Use Retail & Office
Nike, Cole Haan, Cubs
The “Magnificent Mile” is on the northern end of Michigan Avenue between the Chicago River and Oak Street. This unparalleled mixed-use district contains the super prime retail pitch, which is home to brands including Patek Philippe, Burberry and Tiffany.
The property stands at the corner of North Michigan Avenue and East Erie Street, comprising of 3 adjoining build gins representing nearly 14,000 sum of gross leasable area. Let to Nike and Garmin at the time of acquisition, the property has significant underrented and offered opportunities either to refurbish and reconfigure the existing building to improve the retail appeal, or to significant redevelop the site to take advantage of the additional 21,370 allowed as of right under the current FAR.
Benefitting from Chicago’s 2.7 million residents, coupled with 54+ million annual visitors, North Michigan Avenue has become the region’s main experiential shopping thoroughfare offering consumers exposure to every retail category. Our investment strikes a balance between current income derived from best-in-class retailers, and future optionality to transform the existing buildings into iconic flagships that provide retailers the opportunity to optimize their “bricks and clicks” strategies.
David Israel, Managing Director