Primark Signs 45K Downtown Retail Lease
The deal is the largest lease transaction on State Street since 2014, according to building owner The Georgetown Company of New York City.
CHICAGO—European fashion retailer Primark has signed a 45,000-square-foot lease and plans to open its flagship location in the Midwest at 35 North State St. in Downtown Chicago.
The deal is the largest lease transaction on State Street since 2014, according to building owner The Georgetown Company of New York City.
The lease involves the entire building where Primark, which is headquartered in Ireland, will operate retail space out of 36,200 square feet of space on three levels. Paul Bryant and Andrew Becker of MidAmerica represented Georgetown and secured the lease while David LaPierre, Todd Siegel and Phil Golding of CBRE represented Primark in the transaction.
The Georgetown Co. acquired what was then known as the Old Navy Building in the Loop for $23 million. The property is undergoing a complete renovation tailored to fit Primark’s needs, including modernization of the exterior and complete interior remodeling. Once complete, the building will be positioned as a best-in-class retail asset, Georgetown officials state.
“Primark has been searching for a Midwest location as part of the company’s continued expansion into the United States,” says Tom Meager, property director for Primark. “We are fortunate to have found and secured such an impressive location in the heart of the vibrant Chicago market.”
Primark’s first US store opened in September 2015 and the retailer now has nine locations in the Northeast: Downtown Crossing in Boston; King of Prussia Mall and Willow Grove Mall in Pennsylvania; Freehold Raceway Mall in New Jersey; Danbury Fair Mall in Connecticut; South Shore Braintree and Burlington Mall in Massachusetts; and the Staten Island Mall and Kings Plaza Shopping Center, Brooklyn in New York.
“We recognized an amazing opportunity with the State Street corridor as one of the most sought-after retail destinations in the country,” says Adam Flatto from Georgetown. “As one of the fastest growing retailers in the United States, Primark is a perfect fit for the building and will be a welcome addition to a popular list of neighboring businesses in the Loop.”
Primark joins Macy’s, Nordstrom, Block Thirty Seven, Saks off Fifth, Disney and several other notable retailers located along State Street. The property is also located blocks from Millennium Park and the Millennium Station Metro stop.
Georgetown’s other Chicago holdings include: the 496-unit K2 Apartments in Chicago’s Fulton River District, and retail space at 755 W. North Ave. and 214-220 W. Washington St.
Update: Multiple press reports state that Primark founder and former CEO Arthur Ryan has passed away after a short illness at the age of 83. . Ryan founded the company in 1962 under the name Penneys. The corporate name was changed to Primark when the company moved in 1974 from Ireland to the United Kingdom.