Hannah’s Bretzel To Add Three Locations After Surviving Gluten-Free Trend

{Source: Chicago Tribune / www.chicagotribune.com}

Who’s Hannah? And what’s a bretzel?

If you can’t answer these questions, you likely haven’t been to Hannah’s Bretzel, a self-described “uber” sandwich, salad and soup shop with a pronounced organic and green bent. Florian Pfahler opened his first Hannah’s Bretzel shop in May 2005 at 180 W. Washington St.

Since then, it’s grown to five locations. But it’s been two years since Pfahler opened a restaurant. He plans to add three more Chicago locations within a year.

So what about that name? Hailing from Stuttgart, Germany, Pfahler spent a dozen years in other jobs, including six at Leo Burnett, Pfahler decided to open a sandwich shop named after his older daughter, Hannah, and the “bretzel” or pretzel bread he enjoyed in Germany.

{Source: Chicago Tribune / www.chicagotribune.com}

Saks Chain To Open State Street Store

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Office Depot is out, and a Saks Fifth Avenue Off 5th is in at a property in the heart of the State Street shopping district.

Saks Off 5th, the retailer’s discount chain, is opening a store at 6 S. State St., in a 23,527-square-foot space that Office Depot occupied before closing its store there in the past year. The new store, which is expected to open next spring, would be the sixth in the Chicago area for Saks Off 5th.

It’s one of the biggest retail leases in the past year on State Street, a shopping strip that’s flourishing amid a rebounding economy and rising residential development and tourist traffic in the Loop. The Loop’s retail vacancy rate was 10.8 percent last year, the lowest since at least 2002, giving landlords leverage to hike rents.

“We are very excited to be opening a store in one of Chicago’s most vibrant retail corridors,” Jonathan Greller, president of outlets at Hudson’s Bay, the Canadian company that owns the Saks chain, said in a statement. “This location provides us with an ideal balance of accessibility, visibility and density.”

The lease will boost the value of the State Street property, a 55,000-square-foot building across from the Target store that will be fully occupied after Saks Off 5th moves in next year. Last summer, a joint venture between New York-based Madison Capital and Bethesda, Maryland-based ASB Capital Management paid $60 million, or more than $1,090 per square foot, for the building, whose other tenants are Urban Outfitters and Forever 21.

“Madison Capital’s thesis about the State Street corridor is confirmed by the addition of this tenant,” Madison Capital Director Jill Grabel Kirby said in a statement. “We had a centrally-located retail space to offer, surrounded by major tourist attractions and a lively business district, and we’re confident that Saks Fifth Avenue Off 5th will be a huge success.”

Saks Off 5th will occupy about 4,000 square feet of the building’s first floor and its entire basement. Saks Off 5th also has stores in Gurnee, Schaumburg, Rosemont, and Skokie, according to its website. Its only store in the city now is at 700 N. Michigan Ave.

Brokers Luke Molloy and Danny Jacobson, senior directors at Cushman & Wakefield, represented Madison Capital and ASB in the lease.

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

PHOTOS: 3rd Annual McGraw Client Outing 2015

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Cushman & Wakefield And DTZ Announce Completion Of Merger

infographic-lmCREATES ONE OF THE LARGEST COMMERCIAL REAL ESTATE SERVICES FIRMS IN THE WORLD

www.cushmanwakefield.com

CHICAGO, Sept. 2, 2015 – The new Cushman & Wakefield, a global leader in commercial real estate services, announced today the successful completion on September 1 of the merger between Cushman & Wakefield and DTZ.

The new Cushman & Wakefield draws on the best of both legacy organizations to create one of the world’s largest real estate services firms, with a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management, and $191 billion in transaction value. Cushman & Wakefield will be led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. Cushman & Wakefield is owned by an investor group composed of TPG, PAG, and OTPP.

“This is a game-changing event in commercial real estate,” said Mr. White. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together – capturing the momentum in the market and clearly claiming our position at the top of the industry.”

Cushman & Wakefield now operates in more than 60 countries around the world and is well positioned in every major market for continued growth. The new Cushman & Wakefield is a top-tier global commercial real estate services provider in every service line and every major geography in the world. With a tenacious, entrepreneurial, and client-centric culture of highly skilled people behind both firms, the new company will be able to tap into greater resources worldwide to ultimately deliver superior results for clients.

Mr. Lickerman said, “The completion of the merger is a historic leap forward, but it isn’t the end of our journey. Today is an important milestone that propels us into a future rich with opportunity for our clients, our people, and our company.”

“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said David Bonderman, TPG Founding Partner. “TPG is excited to partner with Brett and his management team as they continue to grow the business.”

Leadership

Cushman & Wakefield has built a team that will provide the experience, management skill, business acumen, and client-service expertise necessary to bring an aggressive growth strategy and global platform to life. The new leadership has developed an operating model to organize and mobilize for clients locally, regionally, and globally.

“I am confident that our people, armed with exceptional resources and the excitement of being in the center of this powerful evolution of our industry, will deliver a level of service and quality to our clients equal to the very best our industry has to offer,” said Mr. White.

 

Global Leadership

Brett White – Chairman & CEO

Tod Lickerman – Global President

John Santora – Global Chief Operating Officer & Global Chief Integration Officer

Duncan Palmer – Global Chief Financial Officer

Brett Soloway – Global General Counsel

Matthew Bouw – Global Chief Human Resources & Strategy Officer

Adam Stanley – Global Chief Information Officer

 

Regional Leadership

Joe Stettinius – Chief Executive Americas

John Forrester – Chief Executive EMEA

Edward Cheung – Chairman APAC Board & Chief Executive Greater China

Stuart Roberts – Chief Executive APAC

 

Service Line Leadership

Carlo Barel di Sant’Albano – Chairman EMEA and Chief Executive Global Capital Markets & Investor Services

Steve Quick – Chief Executive Global Occupier Services

John Busi – President Valuation & Advisory, Americas & Global Practice Lead

Paul Bedborough – President, C&W Services

Chris Cooper – Chief Executive, DTZ Investors

 

New Visual Identity

As part of the announcement, Cushman & Wakefield is also unveiling a new visual identity and logo reflecting the legacy of a trusted global brand, drawing on a wider history, and positioning the firm for the future.

 

Saks Off 5th Settling On State Street

{Source: Chicago Tribune / www.chicagotribune.com}

State Street will soon be home to another popular discounter: Saks Fifth Avenue Off 5th.

The retailer announced Thursday that it has leased 23,527 square feet at 6 S. State St. in the Loop, which until recently was an Office Depot. The new store will be the sixth Saks Off 5th in the Chicago area and is expected to open in the spring.

“This location provides us with an ideal balance of accessibility, visibility and density,” Jonathan Greller of Hudson’s Bay Company said in a statement. “The 6 S. State St. store will allow Saks Fifth Avenue Off 5th to deliver its renowned shopping experience to the downtown Chicago shopper,” he said.

The property is owned jointly by ASB and Madison Capital.

Canada-based Hudson’s Bay owns Saks Off 5th, Saks Fifth Avenue and Lord & Taylor, among other retailers.

Saks Off 5th joins a number of retailers in the growing State Street shopping corridor, including Nordstrom Rack and DSW.

There are 84 Saks Off 5th locations in the United States.

{Source: Chicago Tribune / www.chicagotribune.com}

C&W Research: Chicago At a Glance

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Cushman & Wakefield Set To Make Chicago Retail History With 669 Mag Mile?

699-mag-mileDan Rafter / Rejournals.com

Cushman & Wakefield might be on the verge of some Chicago retail history now that it is marketing the three-building portfolio known as 669 Mag Mile.

The company is handling the sales efforts of three prime properties located on the destination shopping strip of Chicago’s North Michigan Avenue: 663, 669 and 673 N. Michigan Ave. The properties together include about 148,000 square feet of space. They’re home, too, to the flagship stores for Nike, Cole Haan and Garmin.

The top-end stores and the desirable location mean that when the buildings sell, the odds are high that they’ll fetch one of the largest retail sales prices in Chicago’s history.

Michael Marks, senior director of retail investment advisors for Cushman & Wakefield and a leader of the team marketing the Michigan Avenue properties, said that the chance to represent such prime retail space is a rare one, and one that he isn’t taking for granted. “It is rare any time a significant asset on Michigan Avenue becomes available and is fully delivered to the market,” Marks said. “Any time you have the chance to compete for an assignment of this caliber, you bring all of your resources to bear.”

The 699 Mag Mile package comes with a special advantage: The buildings have no historic-landmark regulations. This means that the new owners can get creative should they decide to rework the retail space. “Not having any limitations is important,” Marks said. “The way retail and retailers are evolving today, you are seeing more creativity.

By not having those historic limitations, retailers will have the chance to open up walls, change the storefront or rework the visibility of the windows and signage. It provides a tremendous amount of flexibility when you are looking for a new flagship user.” And a new flagship user will soon be coming to the store.

Garmin last year announced that it is ready to leave its 15,607-square-foot space at 663 N. Michigan Ave. before its lease officially expires in 2016. Danny Jacobson, a senior director with the Cushman & Wakefield Retail Services Group — and another member of the team marketing the properties — said that North Michigan Avenue remains a special place for retailers. This is reflected in how much retailers are willing to pay to open locations on this fabled stretch. Cushman & Wakefield’s Main Streets Around the World report released late last year said that ground-floor rents on North Michigan Avenue average about $485 a square foot a year.

This ranks North Michigan Avenue as the eighth-highest of markets in North America and South America. “There is such enormous foot traffic and tourism on that street,” he said. “You can do some real building of your brand if you open a store on the Magnificent Mile.

North Michigan Avenue gives you the opportunity to open a showcase location to help define your brand.” Under Armour, the athletic apparel-maker based in Baltimore, has done just that with its 30,000-square-foot store at 600 N. Michigan Ave., a showcase location that the company opened in March of this year. Under Armour’s shop boasts such extras as a five-sided video screen and a wall covered in ivy.

That wall, of course, is a tribute to Wrigley Field. With Garmin ready to leave, another retailer will have its own chance to make a splash on North Michigan Avenue. “The size, upside potential and irreplaceable location of this particular asset will make it one of the most high-profile retail assets ever sold in Chicago’s history,” said Luke Molloy, senior director of retail services for Cushman & Wakefield.

See more at: http://www.rejournals.com/2015/04/22/cushman-wakefield-set-to-make-chicago-retail-history-with-669-mag-mile/#sthash.R8UQNPA5.dpuf

Christian Dior To Open Gold Coast Boutique

{Source: Chicago Tribune / www.chicagotribune.com}

Luxury fashion house Christian Dior plans to open its first Chicago boutique at Rush and Walton streets in the Gold Coast, advancing the city’s reputation as a luxury destination and boosting the cachet of that shopping district.

The French atelier plans to open a women’s boutique at 935 N. Rush St. in 2016, said Marisa Pucci, of Christian Dior Couture public relations. She declined to provide further details.

The two-floor corner storefront is home to Urban Outfitters, which plans to move to a larger store in a new development at 1100 N. State St.

PHOTOS: C&W Client Outing 9.19.14

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C&W’s Brendan Reedy to Head Up Leasing for the Glen Town Center

Crain’s Chicago Business – Chicago Real Estate Daily

Tabani Group Inc., the new owner of the Glen Town Center, hired Cushman & Wakefield Inc. Chicago-based Senior Director Brendan Reedy to head up leasing at the 267,000-square-foot retail property in Glenview, according to Tabani executive Abbas Kanji. Dallas-based Tabani paid $24.8 million for the property at 1951 Tower Drive earlier this year. A Tabani spokeswoman also said in an email it leased 1,200 square feet at the property to Rocket Fizz Soda Pop & Candy Shop. She said the property is now more than 90 percent leased. Rocket Fizz didn’t respond to a message.

~Read more, Crain’s Chicago Business – Chicago Real Estate Daily