Trump Tower has new leasing broker for failing retail space

Nearly 70Ksf of retail has remained empty since the 98-story tower opened a decade ago

TRD CHICAGO /
Nov.November 27, 2019 11:05 AM
President Donald Trump, Trump International Hotel & Tower 401 N. Wabash Avenue and Cushman & Wakefield CEO Brett White (Credit: Getty Images, Cushman and Wakefield)

President Donald Trump, Trump International Hotel & Tower 401 N. Wabash Avenue and Cushman & Wakefield CEO Brett White (Credit: Getty Images, Cushman and Wakefield)

After a decade and with just one tenant at its nearly 70,000 square feet of retail space, the Trump International Hotel & Tower has a new leasing brokerage.

Trump Organization has hired Cushman & Wakefield, which will take over for RKF and ARC Real Estate, according to Crain’s.

An investigation by The Real Deal in March found the retail space at the 98-story tower has been mostly vacant since the building opened in 2009.

The building at 401 N. Wabash Ave. has just one retail tenant, a salon that occupies an enclosed 3,400-square-foot suite above the hotel lobby, the TRD investigation found. The deck-level space remains empty, its blank beige walls on full display for the millions of tourists who walk along the Chicago River each year. No part of it has ever been leased, according to Trump Organization tax appeal documents filed in Cook County and analyzed by TRD.

Last year alone, RKF and ARC Real Estate spoke with at least 77 potential tenants without success.

Many retailers and brokers have criticized the space for its design and location. Despite facing the river, the suite offers no direct access to North Michigan Avenue and the otherwise unobstructed view of the river is blocked by giant cement pillars. Additionally, the floor has just 10-foot tall ceilings.

It has cut into the Trump Organization’s annual income for the tower, which President Trump reported in an ethics disclosure tallied $8 million in 2017, the The Real Deal found.

The Trump name has also been a factor in turning away tenants. Since Trump became president, the brand became a polarizing name for businesses, and a previous broker for the tower even left the giant Trump signature sign out of marketing materials, for the building, only referring to the space by its address. [Crain’s] — Jacqueline Flynn


Related Articles

arrow_forward_ios
Marc Jacobs store at 11 E. Walton St., Marc Jacobs (Credit: Getty Images and Google Maps)

Another one bites the dust: Marc Jacobs closes Gold Coast location

Ald. Walter Burnett Jr. (27th) and Steven Fifield, with a rendering of the project

‘Cap the Kennedy’ plan may be revived thanks to real estate money

Trammell Crow CEO Matt Khourie and a rendering of Fulton Labs (Credit: iStock)

Life sciences development may be Fulton Market’s next new thing

181 W. Madison St. and HNA Group Founder Chen Feng (Credit: Google Maps)

Embattled Chinese firm HNA Group refinances Loop skyscraper

Chariot Logistics Center and Jeff Bezos (Credit: Getty Images, Cushman & Wakefield, and iStock)

Amazon inks massive lease at Melrose Park distribution center

Tishman Speyer’s Rob Speyer & 320 North Sangamon rendering (Credit: Tishman Speyer)

Tishman Speyer lands $81M loan for Fulton Market spec office project

Cook County Assessor Fritz Kaegi (Credit: Twitter and iStock)

Cook County assesses priciest properties in suburbs at below recent sale prices: report

Time Out Market at 916 West Fulton Market and Revival Food Hall at 125 S. Clark Street 

Does Chicago still have an appetite for food halls?

arrow_forward_ios
Loading...