Grosvenor Americas has leased approximately 50,000 square feet of retail space on Chicago’s “Magnificent Mile” to Topshop, the London-based international fashion-forward apparel retailer. Occupying four levels within Grosvenor Americas’ 126,000 square foot property at 830 North Michigan Avenue, Topshop will be open next year. Other tenants in the building, strategically located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear, Filene’s Basement, Borders, and Ghirardelli Chocolates.
Grosvenor Americas was represented in the transaction by Stanley Nitzberg of Mid-America Real Estate Corporation. Robert Cohen of Robert K. Futterman & Associates represented the tenant.
Since it launched in 1964 in the basement of London’s Peter Robinson department store, Topshop has become one of fashion’s biggest success stories and a major international style authority. The iconic Topshop flagship store opened in 1994, occupying a 90,000 square foot space at London’s Oxford Circus. It remains there today, and is considered the world’s largest fashion store, attracting over 200,000 shoppers each week. The brand now has 310 stores in the United Kingdom and over 130 in other countries, including its 60,000 SF U.S. flagship store in New York City’s SoHo neighborhood.
“Grosvenor Americas is delighted to bring this exciting worldwide fashion leader to Chicago’s Magnificent Mile, which attracts shoppers from all over the world,” said Michael Beattie, Chief Portfolio Officer, Grosvenor Americas. “As part of an international property group headquartered in London, we feel a certain kinship with this London-based fashion phenomenon. This transaction is only the second in Chicago’s current retail scene involving a British tenant.”
Part of the long-standing retail company the Arcadia Group, Topshop has grown its brand by staunchly supporting British design talent, collaborating on collections with young designers like Christopher Kane, Jonathan Saunders, Marios Schwab, and Louise Goldin, and sponsoring the pioneering NEWGEN and Fashion East schemes. Topshop’s collaborations with iconic fashion names like Celia Birtwell and Kate Moss, have further cemented the brand’s reputation and worldwide appeal. In 2005, the brand launched its own in-house designed collection, Topshop Unique, and became the only high street brand to show on schedule at London Fashion Week.
Built in 1947 and renovated in 1994, 830 Michigan Avenue was acquired by Grosvenor Americas in 1993. It is one of four retail properties with a total of over 578,000 square feet of space owned by Grosvenor Americas in the Chicago metropolitan area. The others are 701 North Michigan Avenue on the Magnificent Mile, Rice Lake Square in Wheaton, and Church Street Plaza in Evanston.
Grosvenor is a privately owned property group with offices in 17 of the world’s most dynamic cities. It has five regional investment & development businesses in Britain & Ireland, the Americas, Continental Europe, Australia and Asia Pacific. Its international fund management business operates across these markets. As at 31 December 2009, these six businesses had total assets under management of US$16.4 billion. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at www.grosvenor.com.