(For more retail coverage, click GlobeSt.com/RETAIL.)
CHICAGO-A partnership headed by Billy Lawless has signed a lease for 6,700 sf on the first floor and lower-level of the Gage Building at 28 N. Michigan Ave. Plans call for Gage Bar & Grill, the partnership's third Chicago eatery.
Unlike the Irish Oak at 3511 N. Clark St. and the Grafton at 4530 N. Lincoln Ave., Gage Bar & Grill will not stick to an Irish theme or menu and is headed upscale. Lawless tells GlobeSt.com the new restaurant "will be a tavern with international cuisine--fine linen without the linen," he says. The interior design calls for a warm, woody, old-school, Chicago-club atmosphere.
Leslie Mader, VP of locally based Northern Realty Group Ltd., was the sole broker in the lease transaction. Neither she nor Lawless would disclose the aggregate value of the lease or the rental rate. However, Mader tells GlobeSt.com, "Chicago Loop restaurant space can command $50 per sf or more, depending on the size of the space and location. Across from Millennium Park the rates can be considerably higher."
The first eight stories of the landmark Gage Building were completed in 1899 and feature a facade by famed Louis Sullivan. Another four stories, each by a different architect, were added between 1899 and 1902. It is directly across from Millennium Park, which has become a top destination for locals and tourists alike, according to Mader. "The huge pedestrian counts on Michigan Avenue made this restaurant space very attractive. Add to those numbers the hundreds of thousands of people attending concerts and other programs in the park, the explosion of condominium development in the immediate area, and the student population in the Gage Building," she adds.
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