Jones Lang LaSalle (Illinois) L.P, ("JLL"), as exclusive agent, is pleased to present the opportunity to acquire 701 North Michigan Avenue, a bespoke retail asset totaling 22,900 SF, 20% of which is leased to world-renowned watchmaker, Rolex (operated through Tourneau), on a long-term basis, offering luxury co-tenancy from which to build on. Rolex executed a long-term lease in 2020 to move from its longtime home across the street into this high-profile corner and has enjoyed robust performance since. Rolex has topped Morgan Stanley's top 20 Swiss Watch Company Ranking for the last ten years, is the world’s #9 fashion house and is listed amongst the top 10 largest luxury brands in the world with $7.9 billion in brand value. This irreplaceable corner asset is located at the base of the 439-room Warwick Allerton Hotel, a beautifully rejuvenated timeless classic situated in the one mile stretch of North Michigan Avenue known as “The Magnificent Mile”, one of the most heavily trafficked destination retail shopping districts in the country. This stretch boasts a 2023 population of 85,982, average household incomes of $190,167, 32 million annual visitors, 405 retail shops, 16,725 hotel rooms in 51 hotels and 309 restaurants. This is a generational value creation opportunity to own a significant piece of real estate that rarely becomes available.
- World Renowned Tenancy
- Unparalleled Location
- Immediate Value-Add Opportunity
- Exceptional Sales Performance