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

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.