CHICAGO-Nordstrom Inc. has signed a letter of intent to lease space just off Michigan Avenue, with plans to open a Nordstrom Rack. The company is said to be taking 30,000 square feet at the corner of Chicago Avenue and Rush Street in the building that formerly held CompUSA, according to a report in Crain’s Chicago Business .

Should the deal close, it will be the largest retail lease the market has seen since 2007, when Spain-based Zara took 33,838 square feet for its first Chicago location. The vacancy rate along the Magnificent Mile is the highest it has been since 1992; sitting at 7.2%.

The property is being marketed by CB Richard Ellis’s SVP Bruce Kaplan.

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