Flagship Apple store on North Michigan could fetch up to $175M: report

Walton Street Capital wants to unload the retail portion of its office tower

Chicago /
Mar.March 21, 2018 09:00 AM

Walton Street Capital’s Neil Bluhm and the Michigan Avenue Apple Store

A little less than a year ago, Walton Street Capital acquired 401 North Michigan Avenue for $370 million, adding the office tower on the Magnificent Mile to its global real estate portfolio.

Now, the investment firm is looking to sell a tiny portion of that 35-story property, which happens to be the glass-enclosed Apple store across the plaza, for about half as much as the entire property.

Eastdil Secured will market the 20,000-square-foot Norman Foster-designed Apple store, hoping to get as much as $175 million, the Wall Street Journal reported. The deal would also include 10,000 square feet of retail space inside the 700,000-square-foot skyscraper.

Apple’s rent at the site, its flagship in the city, is well below the $400 to $500 per square foot price typically paid for space along the storied strip.

The store opened last October, and made headlines in the winter when ice and snow began sliding off its sloping roof, creating hazards for pedestrians.

Apple has called it the company’s “most ambitious”store because of its iconic location, pavilion-like structure overlooking the Chicago River, and its marquee location. [WSJ]Scott Klocksin


Related Articles

arrow_forward_ios
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)

Berkadia picks up longtime multifamily brokerage

Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)

Here are Chicago’s 10 biggest investment sales of 2020

Here are Chicago’s 10 biggest investment sales of 2020
TTX Company CEO Thomas Wells and 101 North Wacker Drive (Google Maps)

Off the rails: Freight train provider lists West Loop HQ for sublease

Off the rails: Freight train provider lists West Loop HQ for sublease
2430 North Halsted Street and Harrison Street's Christopher Merrill (Sterling Bay; Harrison Street)

Harrison Street raises $720M for life sciences real estate fund

Harrison Street raises $720M for life sciences real estate fund
JDL Development's CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)

Luxury building near Wrigley Field hits market for $125M

Luxury building near Wrigley Field hits market for $125M
Roger Romanelli and Mayor Lori Lightfoot (Fulton Market Association, Getty, iStock)

Restaurant coalition to Lightfoot: Reopen indoor dining

Restaurant coalition to Lightfoot: Reopen indoor dining
Industrious CEO Jamie Hodari and 600 West Jackson Boulevard (Google Maps)

Flex-office provider Industrious sued by landlord

Flex-office provider Industrious sued by landlord
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...