According to a report released by commercial brokerage firm Cushman & Wakefield, the statewide industrial vacancy rate hit a record low of 3.3%, while asking rents ended the second quarter at $9.27-per-square-foot), a record-high.

The ownership secured $550 million in financing to develop an additional 300,000 square feet at the iconic 463,114-sqiare-foot luxury shopping center. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, which will be Barneys' only flagship store in the southeastern United States.

The firm will occupy 55,988 square feet at 224 South Michigan Ave. SOM has been a tenant in the building for nearly 28 years and will continue to occupy floors 5, 9 and 10 of the 17-story, 378,600-square-foot mixed-use office tower.