Primark to Open First Store in the Midwest
- Jul 09, 2019
Fashion retailer Primark has chosen Chicago to open its first retail store in the Midwest. The company has leased the entire 45,000-square-foot building at 35 N. State St., with plans to trade from 36,200 square feet, the equivalent of three floors.
The lease represents the largest deal closed on State Street’s historic retail corridor since 2014 and marks the second time the property is in the limelight. In 2011, The Georgetown Co. purchased the asset for $23 million or about $511 a foot. The transaction was reported as the highest per-square-foot sale price for a retail property on State Street, according to Crain’s Chicago Business.
Located at the corner of State and Washington streets, just blocks from Millennium Park and the Millennium Station Metro shop, the property is undergoing complete renovations to fit Primark’s needs. When upgrades will finalize, Primark will join Macy’s, Nordstrom, Block Thirty Seven, Saks off Fifth, Disney and several other retailers along the retail corridor. Known for having redeveloped Sony Pictures Entertainment’s Culver City Studio Lot as well as the Herald Examiner Building in Los Angeles, The Georgetown Co. plans to position the building as a best-in-class retail asset.
David LaPierre, Todd Siegel and Phil Golding of CBRE represented the tenant, while Paul Bryant and Andrew Becker of Mid-America Real Estate Group worked on behalf of the landlord.