Savas Er

Since launching North American Real Estate in 1998, Er has assembled more than 2 million square feet of retail by targeting underperforming properties at steep discounts and betting on leasing execution rather than redevelopment hype.

That strategy showed up on the Magnificent Mile in 2024, when North American bought 605 North Michigan Avenue for $47 million, a fraction of its prior sale price. In 2025, he bought the 47,000-square-foot retail block of the Tribune Tower, which had its upper floors converted to luxury condos in recent years.

Er has also doubled down on neighborhood retail, acquiring single-tenant buildings on corridors like Southport Avenue where foot traffic and local demand are more consistent than the uneven tourism trends on the Magnificent Mile. Er’s model depends on strong demand, a bet that has worked so far but remains sensitive to broader consumer pullbacks.

In addition to his Chicagoland holdings, Er oversees major shopping center developments in Izmir, Turkey.