663 North Michigan Avenue

— Chicago, USA

Portfolio Project

Acquisitions Date:

September 2015

Square Metres:

13,772 sq. m.

Asset Type:

Retail & Office

Key Occupants:

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 buildings representing nearly 14,000 sqm of gross leasable area.
Let to Nike and Garmin at the time of acquisition, the property is significantly underrented
and offers opportunities to refurbish and reconfigure the existing building to increase retail
appeal, or to significantly redevelop the site to take advantage of the additional 21,370 sqm
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, Senior Managing Director