X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

CHICAGO-Attracting a price commanded so far by only a few high-end condominium properties, the retail space in the Palmolive Building at Michigan Avenue and Walton Place has sold for more than $1,100 per sf. Beverly Hills, CA-based Ross Hilton Kemper’s Michigan Avenue Retail LLC has paid $57 million for the 50,000 sf of retail space, occupied by tenants including Louis Vuitton and St. John Knits International.

“Our mission to assemble an extensive portfolio of high-end, trophy real estate in North America and Europe is well served through the purchase of this exceptional property,” Kemper says.

Built in 1929 and later known as the Playboy Building when the namesake magazine was headquartered there, the 37-story Palmolive Building is being converted from office space to 103 condominiums by Draper & Kramer Inc., which will continue to manage the residential portion of the redevelopment. Prices at the landmark building–it was declared a Chicago landmark in 2000 and placed on the National Register of Historic Places in 2003–range from $585,000 to $10 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.