Bed Bath & Beyond Anchors Grand Plaza

CHICAGO-Bed Bath & Beyond will anchor the retail portion of the $300-million mixed-use Grand Plaza development on North State Street. Although it has a North Side location at 1800 N. Clybourn St., the Union, NJ-based home furnishings retailer is making its debut in the Downtown area with a two-story, 35,000-sf store fronting on State and Ohio streets.

Bed Bath & Beyond will take more than one-third of the 100,000 sf of retail space in the project that also will include two towers of 764 multifamily rental units. The booming River North area has about 3,000 multifamily units, both rental and condominium, under construction.

Completion of the retail portion, and Bed Bath & Beyond’s opening, is expected next fall. “Grand Plaza’s location in the River North area gives Bed Bath & Beyond a central, highly visible Chicago location within blocks of Michigan Avenue’s famous retail corridor,” says Bed Bath & Beyond Co-CEO and chairman Warren Eisenberg.

Scott Stefanik of Midwest Commercial Realty in Oakbrook Terrace represented Bed Bath & Beyond while U.S. Equities Realty vice chairman Camille Julmy of represented building ownership. The Grand Plaza is being developed by U.S. Equities, Cataldo/Marovitz LLC, Magellan Development Group and Near North Properties.

“This high-quality retailer — with many household and soft goods products — has the right type of product to serve the needs of this affluent and fast-growing residential community,” Julmy says.

Meanwhile, U.S. Equities has leased 16,400 sf at 1 E. Erie St., bringing the 125,000-sf office building to 87% occupancy. Thomas J. Jackson Financial Planning has taken 2,585 sf; Alliance Imaging, Inc., is leasing 2,515 sf; Rodger Wade Pielet, M.D., has claimed 2,138 sf; attorney Lawrence Wolf Levin has committed to 2,071 sf and 55 East Erie Investors is leasing 2,021 sf. Also, River North Same-Day Surgery has expanded its lease by 2,900 sf, and now occupies more than 14,000 sf. M.H.N. Services has renewed a 1,165-sf lease while Meridian has renewed 1,029 sf.