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CHICAGO-Attracting a price commanded so far by only a few high-end condominium properties, the retail space in the Palmolive Building at Michigan Avenue and Walton Place has sold for more than $1,100 per sf. Beverly Hills, CA-based Ross Hilton Kemper's Michigan Avenue Retail LLC has paid $57 million for the 50,000 sf of retail space, occupied by tenants including Louis Vuitton and St. John Knits International.
"Our mission to assemble an extensive portfolio of high-end, trophy real estate in North America and Europe is well served through the purchase of this exceptional property," Kemper says.
Built in 1929 and later known as the Playboy Building when the namesake magazine was headquartered there, the 37-story Palmolive Building is being converted from office space to 103 condominiums by Draper & Kramer Inc., which will continue to manage the residential portion of the redevelopment. Prices at the landmark building--it was declared a Chicago landmark in 2000 and placed on the National Register of Historic Places in 2003--range from $585,000 to $10 million.
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