Newmark Grubb Knight Frank (NGKF) Retail has been named exclusive leasing agent for the retail space at the John Hancock Center in Chicago. The 100-story trophy office and residential tower at 875 N. Michigan Ave. has 171,771 s/f of retail space on the Concourse level, and a 7,000-s/f restaurant on the 95th floor.
The ownership joint venture that includes Madison Capital and an institutional investor selected NGKF Executive Managing Director Gregory Kirsch to transform the concourse space into the premier North Michigan Avenue destination for retailers and shoppers. Mr. Kirsch, Senior Managing Director Leslie Karr and Director Luke Sementa will look to add to the existing tenants that include Best Buy, The North Face, The Cheesecake Factory, Aveda, Jamba Juice and Chase Bank.
“We have made a significant investment in Chicago’s Mag Mile, and the John Hancock Center concourse area creates a dynamic opportunity to enhance one of the most prestigious retail avenues in the country,” said J. Joseph Jacobson, co-founder and partner at Madison Capital. “The NGKF team is uniquely positioned to attract world-class tenants and create an exceptional shopping experience, ultimately allowing us to maximize value at this one of a kind asset.”
Mr. Kirsch said, “being entrusted with leasing the retail space at the John Hancock Center elevates our presence in the Chicago CBD, and perhaps more importantly, showcases the superior global capabilities of the NGKF platform. Our tenant and landlord representation assignments span the entire length of Michigan Avenue, one of the country’s top retail destinations.”
NGKF also handles office and retail leasing at the Wrigley Building, another iconic property on the south end of Michigan Avenue. There, Walgreens recently leased 30,000 square feet in the North Tower, where it will construct a two-level, flagship drugstore, and Peet’s Coffee & Tea committed to space in the South Tower.