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663 North Michigan Avenue

Michelle Gass Of Levi Strauss And Elliot Hill Of NIKE Sign Lease At 663 North Michigan Avenue
LEASEDRetail

Michelle Gass Of Levi Strauss And Elliot Hill Of NIKE Sign Lease At 663 North Michigan Avenue

663 North Michigan Avenue & 540 North Michigan Avenue

Building Size

98,000 SF

Asset Type

Retail

Closing

Apr 15, 2026

AI

The retail asset involved in this lease transaction covers a total of 49,000 square feet located at 663 North Michigan Avenue and 540 North Michigan Avenue in the Chicago market. Levi Strauss & Co. is leasing a 9,000-square-foot, two-level store at 663 N. Michigan Ave. while Nike is negotiating to downsize from its flagship space to approximately 40,000 square feet at the Shops at North Bridge. This reshuffling on the Magnificent Mile denotes a trend towards smaller, more efficient flagship stores.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Asset Size: 49,000 square feet
  • Levi Strauss Tenant: Michelle Gass
  • Nike Tenant: Elliot Hill
  • Levi Strauss Store: 9,000 square feet
  • Nike Current Flagship: Nearly 57,000 square feet
  • Nike New Proposed Space: ~40,000 square feet
  • Market: Chicago

Michelle Gass represents Levi Strauss & Co. in this transaction, while Elliot Hill represents Nike. Nike's advance talks signal a response to increasing demand for experiential retail and the limited availability of larger retail spaces, contributing to rising leasing momentum in the region.

Players

Michelle Gass

Levi Strauss

Tenant

1 deal

Tenant

Chicago Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93