International clothing brand Ksubi is coming to Chicago.
The Sydney, Australia-based retailer signed a five-year lease for 4,600 square feet across two floors at 58 East Walton Street in the Gold Coast, the Chicago Business Journal reported. JLL’s Peter Caruso, who represented owner Peter Burdi in the deal, cited its location in an affluent residential area.
“Annually, over $89 million is spent on apparel and services within a half-mile of 58 East Walton, thus making it an ideal location for in-demand retailers,” Caruso said.
Retail is coming back in Chicago after the pandemic. In an interview with the Business Journal, Mid-America Real Estate Group Principal Richard Spinell said leasing is picking up generally and rents are returning to pre-pandemic rates. The lack of any new retail development in 2021 has allowed the market to stabilize, Spinell said.
Ksubi will occupy almost 2,500 square feet on the ground floor and an additional 2,100 square feet on the lower level. The building is located between Rush Street and the Magnificent Mile.
Ksubi’s other U.S. locations are at 132 South La Brea Avenue in Los Angeles and at 26 Greene Street in New York City.
Down the street from Ksubi’s newest location, Canadian rapper Drake opened a 1,200-square-foot store for his streetwear brand October’s Very Own — or OVO — in the condo tower at 9 West Walton Street.
[CBJ] — Victoria Pruitt