User7305_6_t Gabriel Silverstein, SIOR, e-PRO
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 Granted, since we live in a penthouse above the mall, I have a vested financial interest in this deal even if I'm not the broker on it, but it's been over a month since ownership last told me that they were in final negotiations with two different tenants and were weeks away from announcing which one won out.  The deal is no small shakes, as much as 200,000 square feet, to take all the space in the building that's vacant, including Ann Taylor Petite's space (they are moving out to consolidate in Water Tower I guess).  Even Talbots, the word was, would be shuffled around a bit to make more Michigan Avenue frontage for whoever the ultimate tenant was, and this was supposed to be done in time to have the new store open for back-to-school shopping next fall.

The lower level Bockwinkle's space, will unfortunately (from the residents' perspective) be part of the deal as well to provide for needed customer purchase staging to the loading dock level.  That tells me it's someone with something that might be heavy, like a furniture place or an electronics retailer (maybe Best Buy, since I tried to get them to let me represent them for a flagship store here and they played very coy in shying me away - okay, blowing me off completely).  I know it's not supposed to be clothing, but that's the only "no" I've heard. 

I won't even bother calling ownership anymore, because the potential tenant we had is not interested in this now, and last time I spoke with them they were almost hostile they were so frazzled working on the two finalist deals.  We don't follow the news, but it surprises me that Crain's or someone hasn't even floated a rumor out there as to who it is...unless someone has heard something???

 

3 Comments on Who's the big tenant going into Chicago Place on Michigan Avenue?

As I predicted to people weeks ago (ask those who live in our building above this mall), it appears that it will be Best Buy, though the rumor as it came out today was only for a two floor kind of deal, not the entire rest of the space.  I'll post the link when I can find it to a newspaper article about that rumor.

11/07/2006 10:08 PM by Gabriel Silverstein, SIOR, e-PRO (Angelic Real Estate)


Yes, it was in today's (11/7/06) Business section of the Chicago Tribune.

Gab, how many floors are vacant? Last time I was in there was to go to Saks...maybe 4 or 5 years ago.

11/07/2006 10:29 PM by Eileen Landau, ABR, CRS, e-PRO (Realty Executives, Pro/Team)


There is about 200,000 square feet in total - most of the non-food court space other than the first floor.  That includes the Ann Taylor (Petites) space that is going to be vacated shortly to be consolidated into Water Tower Place where they have another, recently-opened store.  I was under the impression that the entire 200,000 SF was going to be taken by one tenant, but perhaps they worked it out that the two finalists are going to split it - or that one dropped out and they were left with only a partial lease up?

11/08/2006 12:13 AM by Gabriel Silverstein, SIOR, e-PRO (Angelic Real Estate)


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Commercial Real Estate Agent: Gabriel Silverstein, SIOR, e-PRO (Angelic Real Estate)
Gabriel Silverstein, SIOR, e-PRO
Chicago, IL
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Angelic Real Estate

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