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NY Company Buys 35 N State

NY Company Buys 35 N State
It's expected to be the first of many acquisitions in Chicago: The Georgetown Co (with a porfolio mostly in NY) snagged the 60k SF State Street building currently net-leased to Old Navy for $23M ($511/SF) in an all-cash deal, a record for State Street retail.
35 N State
Robert K Futterman & Associates' Ariel Schuster repped Georgetown (with colleague Brian Segall) and tells us the company was looking to grow its retail holdings in major urban markets; it sees Chicago as one that's on the rise. The State Street submarket has been especially intriguing because of Target's recent announcement that it'll build a store at State and Madison, Ariel says, as well as activity at Block 37. Malet Realty's Eric Maletsky repped the seller,South East Corner Associates.