Trump Organization Hires Brokers for Long-Vacant Chicago Retail

The Trump International Hotel & Tower’s retail space is on the market after sitting vacant since it was built 16 years ago.

The Trump Organization hired Newmark brokers in Chicago, New York and London to lease about 70,000 square feet of retail space at 401 North Wabash Avenue, CoStar reported. The prominent space spans two levels along the Chicago Riverwalk and mezzanine but has never been occupied since the tower opened in 2009.

The leasing team includes Chicago-based brokers James Schutter and Larry Kling, known for landing tenants like Ghirardelli and Peet’s Coffee at the neighboring Wrigley Building.

They’re marketing the space for restaurants, retail and interactive experiences. The building’s visibility and access to riverfront foot traffic make it a unique opportunity despite its troubled leasing history, the brokers said. The space “really hasn’t been marketed since Covid,” Schutter said.

The retail portion has long been considered one of the city’s toughest assignments; previous attempts by Cushman & Wakefield, RKF and others failed to land tenants. Brokers cite its curved layout, low ceilings and lack of street frontage as major challenges.

But the building’s highly visible branding is another factor. Large 20-foot “TRUMP” lettering along the facade draws tourists but has made the site a frequent backdrop for protests and a source of branding baggage, depending on a tenant’s politics. Longtime Chicago retail broker David Stone said tenants would need to be “fully bought in politically” to lease there, calling the signage “inescapable.”

Landlord flexibility could help. The Trump Organization is open to subdividing the space, making building modifications and helping with restaurant buildout costs, the brokers said.

The renewed push comes as the Chicago Riverwalk corridor attracts high-performing restaurants like Smith & Wollensky and Pizzeria Portofino. Public barricades once installed around the Trump tower have recently been removed under pressure from city officials.

— Judah Duke