A 51,795-square-foot luxury retail condominium at 919 North Michigan Avenue on Chicago’s Magnificent Mile has changed hands in a brokered transaction arranged by Newmark. The high-street asset, positioned on one of the city’s premier shopping corridors, is anchored by Louis Vuitton and includes a lineup of other luxury retail tenants, underscoring its role as a flagship location within the broader retail landscape of North Michigan Avenue.
Newmark represented the buyer in the sale, with Senior Managing Director Keely Polczynski and President of Retail Capital Markets Conor Lalor leading the assignment. The buyer, L3 Capital, is an investment firm focused on retail assets, and engaged Newmark to advise on and execute the acquisition. On the sell side, Joe Girardi of Mid-America Real Estate represented the seller in the transaction, providing disposition and advisory services for the retail condominium.
In commenting on the deal, Polczynski described 919 North Michigan Avenue as a generational retail asset that rarely comes to market, highlighting the combination of an irreplaceable corner location, an exceptional luxury tenant base and meaningful long-term value potential. The condominium’s position within one of the country’s most recognizable retail corridors, coupled with its brand-name tenancy, reinforces its profile as a core urban retail holding.
The property is located at the corner of North Michigan Avenue and East Walton Street and comprises four floors of retail space at the base of the historic Palmolive Building. It sits directly across from Gucci, placing it within a concentrated cluster of luxury brands that define this stretch of the Magnificent Mile. At the time of sale, the four-level retail condominium was 68.8% leased, reflecting a mix of in-place luxury tenants with some remaining lease-up opportunity.
The Palmolive Building, in which the retail condominium is situated, is a 37-story historic tower originally constructed in 1929 and renovated in 2005. The mixed-use building encompasses retail at the base, with office space and residential condominiums above, on a site totaling approximately 0.62 acres. The transaction underscores ongoing investment activity in prime, high-street retail locations along Chicago’s Magnificent Mile, where tenancy quality and corner visibility are central to asset performance.
