New York City -- Robert K. Futterman & Associates said that it represented buyer The Georgetown Co. in the acquisition of 35 North State Street, a 60,000-sq.-ft. building in Chicago, for $23 million.
The building is currently net-leased to Old Navy and serves as the retailers’ Chicago flagship.
“This was a rare opportunity for a buyer to acquire an iconic retail building in the heart of the city,” said RKF executive VP Ariel Schuster. ”State Street is a dominant retail corridor and is anchored by Macy’s and Block 37. Target will be opening a 124,000-sq.-ft. city store at the corner of State Street and Madison Street, which affirms the strength of this market,” he said.