CHICAGO-Topshop, a high-end women’s fashion store based in London, has signed a 50,000-square-foot lease on the Midwest’s most famous retail avenue. The store will be in Grosvernor Americas’ 126,000-square-foot property at 830 Michigan Ave., at the corner of North Michigan and Pearson Street.

The new store will replace a Borders, which is not renewing at the site next year, says a Grosvernor spokesman. The Ann Arbor, MI-based book giant said early last year that this store wasn’t meeting sales goals. Other tenants at the site include Columbia Sportswear, Filene’s Basement and Ghirardelli Chocolates. Topshop will occupy four levels within the complex.

This is Topshop’s second US store. The retailer, a division of Acadia Group Ltd., opened a 60,000-square-foot New York store in April 2009 with spokeswoman supermodel Kate Moss.

Grosvernor, also based in London, said this lease was one of the largest retail availabilities on the Magnificent Mile. “Large spaces like this don’t frequently show up on Michigan Avenue,” the spokesman tells GlobeSt.com. “However, the avenue has come back from the depressed activity of the past 12 to 18 months, and rents have been relatively strong throughout the downturn. The street is like an oasis in that regard. Values are unbelievable here.”

He declined to comment on the term of the lease. Rents are around $22.95 per square foot in the north CBD market, according to a third quarter Marcus & Millichap retail report.

According to a Cushman & Wakefield mid-year 2010 Chicago retail report, established retailers began opening new locations on the Magnificent Mile by taking advantage of favorable deal terms. For example, Nordstrom Rack leased 39,000 square feet at 730 N. Michigan Ave., in space formerly occupied by CompUSA.