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


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