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Newmark arranges sale of luxury retail condominium on Chicago’s Magnificent Mile

The four-level retail condominium at 919 North Michigan Avenue is 68.8% leased and anchored by Louis Vuitton, with the buyer represented by Newmark executives.

Reported · Written up by our desk · Commercial

ConnectCRE says Newmark arranged the sale of a luxury retail condominium at 919 North Michigan Avenue on Chicago’s Magnificent Mile.

The property spans 51,795 square feet and is anchored by Louis Vuitton, with a collection of luxury retailers. It occupies the base of the historic 37-story Palmolive Building at the corner of North Michigan Avenue and East Walton Street.

The retail condominium, which is positioned directly across from Gucci, has four levels and is 68.8% leased. The Palmolive Building was built in 1929 and renovated in 2005, and it houses retail, office space, and residential condominiums across about 0.62 acres.

In the transaction, Newmark Senior Managing Director Keely Polczynski and President of Retail Capital Markets Conor Lalor represented the buyer, L3 Capital. The seller was represented by Joe Girardi of Mid-America Real Estate.

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