Grosvenor Leases 50K SF in Chicago to London-Based Topshop

Is retail still in a slump? Not according to Grosvenor.

September 30, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Armando Maynez

Is retail still in a slump? Not according to Grosvenor Americas, which inked a 50,000-square-foot lease on Chicago’s Magnificent Mile. London-based fashion retailer Topshop will occupy four levels within the 126,000-square-foot property at 830 Michigan Avenue. The location is slated to open next year.

The property, which was acquired by Grosvenor in 1993, was built in 1947 and renovated in 1994. Other tenants include Columbia Sportswear, Filene’s Basement, Borders and Ghiradelli Chocolates.

Grosvenor was represented by Stanley Nitzberg of Mid-America Real Estate Corporation, while Robert Cohen of Robert K. Futterman & Associates represented Topshop. The retailer currently occupies 90,000-square-foot flagship space in London’s Oxford Circus, with 310 stores in the United Kingdom and more than 130 in other countries. Its United States flagship store encompasses 60,000 square feet in New York.

According to Grosvenor chief portfolio officer Michael Beattie, the store will draw shoppers from across the globe. Grosvenor maintains offices in 17 cities worldwide, with five regional investment and development businesses in the United Kingdom and Ireland, the Americas, Continental Europe, Australia, and Asia Pacific. As of year-end 2009, the assets totaled $16.4 billion.