Union Investment Acquires High-End Retail Property On E. Oak Street In Chicago For $120M

CBRE has arranged the purchase and sale of 59-65 E. Oak Street—a one-block stretch of high-end retail located in Chicago, Illinois. The property is a state-of-the-art 32,000 sq. ft. LEED-certified building that houses flagship high-end retailers CHANEL, Van Cleef & Arpels (Richemont), Moncler, and Le Colonial. It is situated in the Gold Coast area of Chicago, known for being the number one destination for luxury goods and fashion in the city. The property offers ample frontage, visibility, and an irreplaceable location along Oak Street, which rarely sees properties become available. This sale represents a new benchmark for the Chicago market, with best-in-class tenancy and state-of-the-art construction.

Summary of transaction details

• Property Type: Retail
• Sale Price: $120,000,000
• Square Footage: 32,000 sq. ft.
• Price per Square Foot: $3,750
• Date: 10/26/2021
• Address: 59-65 E. Oak Street, Gold Coast, Chicago

CBRE represented the seller, Jenel Real Estate, in the transaction, while Keely Polczynski from CBRE served as the broker. Union Investment, a leading international investment manager based in Germany, acted as the buyer. Henrike Waldburg, Head of Investment Management Global at Union Investment Real Estate, commented on the property's desirability and the high-profile tenants it attracts. Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment, noted that they were able to invest in the U.S. market again after facing challenges due to the COVID-19 pandemic.