Razny Jewelers is solidifying its presence in Chicago’s Gold Coast.
The family-owned jeweler bought the three-story retail building at 109 East Oak Street, a 7,500-square-foot property it has leased since 2016, as part of a plan to more than double its storefront on Chicago’s toniest shopping strip. Crain’s reported that the acquisition gives Razny control of a key stretch of Oak Street, where storefront vacancies are scarce and sales are rarer still.
The retailer also owns the neighboring property at 107 East Oak Street, which it purchased two years ago for $16.4 million. Now it plans to demolish the existing structure and build a new four-story building, connecting it to 109 East Oak to create an expanded flagship. City building records show Razny recently received a demolition permit for the building at 107 East Oak and filed plans for facade work next door. Construction is expected to begin in the spring.
The expanded store will feature a bridal showroom, a dedicated two-story Rolex boutique and a fourth-floor event space. The strategy mirrors the approach of luxury fashion houses and jewelers along the Gold Coast corridor, according to the outlet, many of which have invested heavily in multi-level flagships to showcase timepieces and high-margin goods.
Razny CEO Stan Razny said in a statement that the purchase “strengthens our presence on Oak Street” and reflects the company’s ambitions across jewelry and watches in Chicagoland.
The sale price for the building at 109 East Oak was not disclosed and had not yet been recorded in online property records as of Friday afternoon. The building has reportedly been held by the same ownership group since the 1930s, making the transaction notable in a submarket where properties often trade rarely, according to the publication. In recent years, Oak Street has seen only a handful of deals, including a $17 million sale of a building leased to Bottega Veneta.
In addition to its Oak Street location, Razny operates a flagship in Addison and showrooms in Highland Park and Hinsdale.
— Eric Weilbacher
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