Newmark arranged the $30 million sale of Block 37, a 277,654-square-foot trophy retail asset in the heart of downtown Chicago.
Newmark Senior Managing Director Keely Polczynski represented the seller, CIM Group, in the transaction. Associate Director Brian Schneiderman also provided support.
Block 37 comprises five floors of retail space and a four-level underground parking garage. The property is anchored by a diverse mix of fashion, beauty, dining, entertainment and lifestyle tenants, including Zara, Sephora, AMC Theatres and The Dearborn. The asset is integrated into the broader Block 37 mixed-use development, which includes the 34-story Marquee at Block 37 residential tower and 22 W Washington, a state-of-the-art office tower occupied by tenants including CBS and Morningstar.
Positioned at the intersection of State Street, Randolph Street, Dearborn Street and Washington Street in the heart of the Loop, Block 37 is within one block of Google’s Chicago headquarters and the Chicago Theatre District. The property is also approximately one-half mile from Millennium Park, Willis Tower, the Art Institute of Chicago and Maggie Daley Park, providing convenient access to the city’s major employment, cultural, entertainment and tourism destinations.
