CBRE’s Chicago office recently represented Walton Street Capital in a 3,700-square-foot lease to Mercedes Benz for a pop-up store at 401 N. Michigan in Chicago. The German-automaker will occupy the space in late July for a three-month period. In that time, Mercedes will offer a rotating display of new models in the building’s plaza.
CBRE’s Danny Jacobson, Luke Molloy and Stephen Ansani represented Walton Street in the deal.
“This is a great opportunity for Mercedes to raise visibility and awareness for its latest models and new product,” said Jacobson. “This stretch of the Magnificent Mile is one of the most heavily-trafficked retail corridors in the world. This will essentially be one of the best showrooms that Mercedes could create.”
401 N. Michigan was recently purchased by Chicago-based Walton Street. The 737,000-square-foot tower offers 30,000 square feet of retail space. A portion of this is occupied by a 22,000-square-foot Apple flagship store, which opened last year and has become an architectural icon along the Chicago River.
“This site has become a destination for tourists as well as shoppers,” said Molloy. “Mercedes, as well as future tenants, will benefit greatly from the activity generated by the roster of surrounding retailers.”