605 N MICHIGAN AVE. Chicago, IL

Transcription

1 605 N MICHIGAN AVE Chicago, IL

2 AN ICONIC BUILDING IN THE HEART OF CHICAGOLAND Adjacent to the new Sephora flagship, 605 N. Michigan Avenue offers a unique opportunity to be part of Chicago s Magnificent Mile. Located across from The Shops at North Bridge, the property provides a double-height retail and branding opportunity at one of the most heavily trafficked intersections in Chicago with close proximity to new-to-market retailers such as Eataly and UnderArmour. 3

3 NEW YORK CITY MARKET RESIDENT ANNUAL TOURISM Population 20,250,000 Domestic Visitors 45,600,000 Affluent Households HHI USD$100,000+ Core Fashion Households HHs who are at least twice as likely to shop at luxury fashion department stores than the average market resident. 2,550,000 3,010,000 International Visitors 12,700,000 LOS ANGELES MARKET RESIDENT ANNUAL TOURISM CHICAGO Population Affluent Households HHI USD$100,000+ Core Fashion Households HHs who are at least twice as likely to shop at luxury fashion department stores than the average market resident. 13,320,613 1,332,000 1,865,000 Domestic Visitors International Visitors 38,800,000 6,700,000 A MARKET OPPORTUNITY SECOND TO NONE As the third largest market in the United States, Chicago offers retailers a multi-store market serving affluent, high net worth, fashion conscious consumers, SAN FRANCISCO similar to established retail markets such as New York and San Francisco. MARKET RESIDENT ANNUAL TOURISM Population 6,550,000 Domestic Visitors 15,300,000 MARKET RESIDENT Population 9,650,000 ANNUAL TOURISM Domestic Visitors 51,100,000 Affluent Households HHI USD$100,000+ Core Fashion Households HHs who are at least twice as likely to shop at luxury fashion department stores than the average market resident. 1,020,000 1,468,000 International Visitors 3,600,000 Affluent Households (HHI USD$100,000+) Core Fashion Households (HHs who are at least 1.5x as likely to shop at luxury fashion department stores than the average market resident) 1,048, ,000 International Visitors 1,600,000 MIAMI MARKET RESIDENT ANNUAL TOURISM Population 5,900,000 Domestic Visitors 8,000,000 Affluent Households HHI USD$100,000+ Core Fashion Households HHs who are at least twice as likely to shop at luxury fashion department stores than the average market resident. 486, ,000 International Visitors 7,500,000 4 Sources: ESRI 2016, CVB Sources: ESRI 2016, CVB 2015

4 CHICAGO BENEFITS FROM A TOURIST DRAW SIMILAR TO NYC Tourism within the Chicago market is a growing industry. The Magnificent Mile is poised to benefit from this growth as shopping and dining are the top activities for leisure visitors. TOURISM IN CHICAGO GREW 34% BETWEEN 2010 AND 2015 SERVES A DENSE, AFFLUENT RESIDENT BASE As a market-leading destination, the Magnificent Mile draws residents across the region including the nearby central Chicago neighborhoods of Lincoln Park, Streeterville, River North, the Loop, and West Town. 52.8M 50.2M 48.5M 46.5M 43.7M 39.3M CHICAGO MSA CITY OF CHICAGO WITHIN 5 MILES OVER 78% ARE LEISURE TRAVELERS, WHILE 57% OF TOURISTS SPEND THE NIGHT Total Population 9,649,592 2,772, ,920 LEISURE Day 18.8M Overnight 20.7M 39.3M Total Households Average Household Income Percent College Educated 3,544,883 $87,508 38% 1,077,914 $74,364 36% 352,956 $102,119 61% BUSINESS Day 3.8M Overnight 7.9M INT L 1.6M 11.7M Percent Core Fashion Households 28% 35% 70% DINING AND SHOPPING ARE THE TOP ACTIVITIES FOR LEISURE TOURISTS Percent of Respondents which Participated in Select Activities DINING SHOPPING MUSEUM/EXIBITION TOURING/SIGHTSEEING CONCERT/THEATER 35% 33% 25% 18% 14% 6 7 Sources: ESRI, Choose Chicago, The Magnificent Mile Association

5 MICHIGAN AVEUNUE RUSH STREET OAK STREET 900 SHOPS BLOOMINGDALE S 830 N. MICHIGAN AVE MACY S WATER TOWER PLACE NEIMAN MARCUS THE MAG MILE IS THE EPICENTER OF 605 N. MICHIGAN AVE EMPLOYMENT AND TOURISM IN CHICAGO THE SHOPS AT NORTH BRIDGE NAVY PIER NORDSTROM TRIBUNE TOWER WRIGLEY BUILDING RESIDENTIAL HOTEL RETAIL OFFICE 4,500 Proposed Units 25,817 Rooms 3.2M Square Feet 36M Square Feet 14,000 Students Nearby 1.1M SF Meeting 97% Occupancy 85% Occupancy Sale Price: $250 - $2,000 SF $209 Avg. Room Night 735 Eateries/Boutiques 118,496 Exec/Prof. 9 MILLENIUM PARK 8 INDICATES A HOTEL WITH OVER 150 ROOMS

6 MAGNIFICENT MILE RETAIL HURON EXPRESS ERIE ONTARIO 605 N. MICHIGAN AVE. 605 N MICHIGAN AVENUE WABASH AVENUE RUSH STREET MICHIGAN AVENUE OHIO GRAND AVENUE ILLINOIS THE SHOPS AT NORTH BRIDGE HUBBARD Coming Soon 10 11

7 CONCEPTUAL RENDERINGS & FLOOR PLANS 13

8 COMMON AREA COVERED LOADING DOCK RAMP TENANT #1 MAIN SALES 5,040 SF RAISED PLATFORM MIGHIGAN AVENUE COMMON AREA MAIN ELEVATOR LOBBY 2,448 SF ESCALATOR SPACE 731 SF SEPHORA MAIN SALES 10,040 SF ENTRANCE LEASE AREA TABULATION CONCEPTUAL STREET LEVEL FLOOR PLAN LOWER LEVEL STREET LEVEL SECOND LEVEL TOTAL 2,570 SF 5,041 SF 6,4 0 9 S F 11,450 SF 14 15

9 TENANT #1 SECOND FLOOR SALES 6,408 SF MIGHIGAN AVENUE SECOND FLOOR SPACE OPEN TO BELOW SECOND FLOOR SPACE 10,705 SF LEASE AREA TABULATION CONCEPTUAL SECOND LEVEL FLOOR PLAN LOWER LEVEL STREET LEVEL SECOND LEVEL TOTAL 2,570 SF 5,041 SF 6,4 0 9 S F 11,450 SF

10 GENERAL OFFICE SPACE 9,817 SF STORAGE NOT INCLUDED MIGHIGAN AVENUE ACTIVE VAULT ABANDONED VAULT STORAGE TENANT #1 STORAGE 2,267 SF TENANT #1 STORAGE 303 SF LEASE AREA TABULATION CONCEPTUAL LOWER LEVEL FLOOR PLAN LOWER LEVEL STREET LEVEL SECOND LEVEL TOTAL 2,570 SF 5,041 SF 6,4 0 9 S F 11,450 SF 18 19

11 Jason Maurer Sr. Director, Leasing-Urban 500 Fifth Avenue Suite 3100 New York, New York N MICHIGAN AVE Chicago, IL Gregory Kirsch ESQ. Executive Managing Director 500 W Monroe Street Suite gkirsch@ngkf.com

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