CHICAGO—Newmark Grubb Knight Frank has just been named the leasing agent for the nearly 190,000-square-feet of retail space at the John Hancock Center. It includes 171,771-square-feet of retail on the Concourse level, and the 7,000-square-foot Signature Room at the 95th, a fine-dining restaurant on the building's 95th floor.
The ownership joint venture that includes Madison Capital and Prudential Real Estate Investors selected NGKF executive managing director Gregory Kirsch to transform the concourse space at 875 N. Michigan Ave. It was purchased in 2012 for nearly $142 million. That sale was just one of a series at the Hancock. In 2013, the Hearn Company, along with The Lynd Company and Mount Kellett Capital Management LP, purchased from Deutsche Bank AG the 900,000-square-foot office sector and 710-car parking facility.
Kirsch, senior managing director Leslie Karr and director Luke Sementa will handle the leasing and attempt to complement 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,” says 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."
“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,” says Kirsch. “Our tenant and landlord representation assignments span the entire length of Michigan Ave., one of the country's top retail destinations.”
NGKF also handles office and retail leasing at the Wrigley Building on the south end of Michigan Ave. Walgreens recently leased 30,000-square-feet in its North Tower, where it will construct a two-level, flagship drugstore, and Peet's Coffee & Tea recently committed to a space in the South Tower.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
