737 N Michigan Ave Chicago IL 60611
The Neiman Marcus building on Chicago’s Magnificent Mile was sold by UBS Realty Investors for an undisclosed price after six months on the market.
The buyer, Silvestri Investments, is betting on the revival of Chicago’s famed shopping district at a moment when it’s struggling with a series of pandemic-related challenges: a dropoff in foot traffic as office workers stay home and tourism declines; rising crime in the area; and vacant storefronts.
The 195,500-square-foot building at 737 N. Michigan Ave is the department store’s flagship location in Chicago. The company has leased there since it was built in 1983. The four-story building has the largest continuous storefront on Mag Mile at 200 feet.
“Neiman Marcus is one of only eight trades on Michigan Avenue within the last decade and was highly sought after by both domestic and international capital due to the rare flagship offering on one of the world’s most renowned and proven high-street corridors,” JLL broker Amy Sands said in a statement.