Newmark is leading the vision to elevate a premier waterfront retail destination in River North Chicago, adjacent to the iconic Magnificent Mile commercial district and the Chicago Riverwalk.
Senior Managing Director James Schutter and Managing Director Larry Kling, in collaboration with a global team made of New York-based Executive Managing Director Jason Pruger and Associate Director Jason Stein and London-based Executive Managing Director Tim Newman and Director Simon Carson, will lease the two-level retail offering facing the Chicago River at the 100-story Trump International Hotel & Tower® Chicago at 401 North Wabash Avenue.
By activating one of the market’s longest-vacant retail spaces with chocolatier Ghirardelli, Walgreens and Peet’s Coffee at the neighboring Wrigley building, Chicago-based Schutter and Kling have cemented their reputation for successfully executing high-profile retail assignments in the local market. Pruger and Stein have activated complex spaces throughout New York City, including the Virgin Hotel, Tower 57 at Lexington and Third Avenues and multiple prime listings throughout Manhattan. Newman and Carson are known in the U.K. for advising some of the most notable experiential retailers and restaurateurs in the country and have consulted on a host of hotel retail activation projects.
401 North Wabash offers expansive 31,712-square-foot floor plans across both the Riverwalk and terrace levels. Ideally suited for a variety of retail concepts – including unique restaurant experiences, boutique shops and experiential/interactive destinations – the space allows for innovative and design-savvy tenant build-outs to complement and enhance the hotel guest experience.
Situated in Chicago’s River North business district, the tower is directly adjacent to Michigan Avenue, renowned for its world-class shopping, dining and entertainment. The retail market in Chicago is the fourth-largest in the U.S. and has logged a positive 1.3 million square feet of absorption over the past 12 months, according to Newmark Research. What’s more, the market has built positive momentum by attracting unique and notable retail concepts including Aritzia, Uniqlo, The Harry Potter Experience, Mango, L’Agence and A Lange & Sohne over the past year.
401 North Wabash is next to numerous thriving upscale restaurants and retailers along the Riverwalk – including Gibsons Italia, Tiny-Tapp, Beatnik On The River and the Apple Store – and enjoys high visibility from Wendella Boat Tours, which attracts nearly one million tourists annually. The tower also offers easy connectivity to The Loop, Chicago’s Theatre District and the vibrant Millennium Park, drawing both residents and visitors alike.
