Tishman Lands New Retail Tenant in the Loop
- Oct 07, 2016
By Ioana Neamt
Chicago—Tishman Realty Corp. has signed a 16,037-square-foot lease with Foot Locker division Champs Sports at 100 S. State St. in Chicago’s buzzing Loop neighborhood. The sports retailer will take over 7,227 square feet on the newly redeveloped building’s ground floor and 8,810 square feet on its second floor in mid-October.
The building’s tenant roster will also welcome WeWork, which is set to occupy 43,200 square feet of office space on the third, fourth and fifth floors. Mid-America Real Estate Group’s Paul Bryant and Andrew Becker are marketing the 9,900 square feet of remaining retail space in the building.
“Bringing yet another high-profile tenant to 100 State Street is a testament not only to the appeal of this iconic building but also to the vibrancy of the Loop,” Jason Blum, vice president of Tishman Realty, said in prepared remarks. “The leasing success at this property is a direct result of the fact that this shopping corridor provides unique branding opportunities, close proximity to the Red Line, and robust office, residential, student and hotel guest traffic.”
Tishman, together with AXA Real Estate Investment Managers, acquired the Amalgamated Bank headquarters at 100 and 112 S. State St. for $35 million in the spring of 2015, Crain’s Chicago Business reported at the time. The bank relocated its 185 downtown Chicago employees to 30 N. LaSalle St. in the fall, and the Tishman-AXA venture was left with the task of finding new tenants. The new owners have embarked on a full redevelopment program at the site, which includes a gut renovation of 100 S. State St. and a tear-down and rebuild of 112 S. State St., in order to create one unified 70,000-square-foot building.
Chicago’s State Street became a shopping destination back in the 1900s and is currently undergoing a revitalization after being overshadowed by Michigan Avenue’s Magnificent Mile during the 20th century. Developers and retailers are flocking to the area, drawn by its potential for both commercial and residential development and proximity to North Michigan Avenue stores. The opening of Block 37 in November 2009 brought a new wave of retail destinations to the area, with brands such as Zara, Puma AG and Anthropologie setting up shop at the site.
Image courtesy of Tishman Realty