CHICAGO — New York City-based The Georgetown Company has acquired a 60,000-square-foot retail building in downtown Chicago for $23 million. Located at 35 N. State St., the building is net-leased to Old Navy, which uses it as the retailer's Chicago flagship location.
“This was a rare opportunity for the buyer to acquire an iconic retail building in the heart of the city,” said Ariel Schuster, executive vice president with Robert K. Futterman Associates and one of the brokers that helped arrange the deal. “State Street is a dominant retail corridor and is anchored by Macy's and Block 37. Target will be opening a 124,000-square-foot city store at the corner of State Street and Madison Street, which affirms the strength of this market.”
Ariel partnered with company head Robert K. Futterman as well as Director Brian Segall to represent Georgetown. Eric Maletsky of Malet Realty represented the seller, South East Corner Associates.
— Coleman Wood