Newmark Arranges L3 Capital's Acquisition of 51,795-SF Luxury Retail Condo on Chicago's Magnificent Mile
L3 Capital has acquired the 51,795-square-foot retail condominium at 919 North Michigan Avenue in Chicago, a four-level luxury property anchored by Louis Vuitton at the base of the historic Palmolive Building on the city's Magnificent Mile. Newmark arranged the transaction on behalf of the buyer, while Mid-America Real Estate represented the seller.
Deal Details: A Luxury Retail Condo at the Palmolive Building
The retail condominium occupies the base of the 37-story Palmolive Building, a mixed-use landmark originally constructed in 1929 and renovated in 2005. Situated at the corner of North Michigan Avenue and East Walton Street, the property offers approximately 200 feet of corner frontage and sits directly across from Gucci. The building sits on approximately 0.62 acres.
The property is 68.8% leased, with approximately 11,000 square feet of currently available space. In addition to anchor tenant Louis Vuitton, the tenant roster includes David Yurman, Breitling, and Fiss Dental Practice. Louis Vuitton has occupied the property for more than 20 years and recently completed a comprehensive renovation and expansion of its flagship store, extending its lease in the process.
The transaction was structured as a condo interest sale, separating the retail base from the broader mixed-use tower — a structure that distinguishes it from a whole-building acquisition and is common in high-rise mixed-use properties where retail, office, and residential uses are held under separate ownership.
Newmark and Mid-America Real Estate Broker the Transaction
Newmark Senior Managing Director Keely Polczynski and President of Retail Capital Markets Conor Lalor represented the buyer, L3 Capital, in the transaction. Joe Girardi of Mid-America Real Estate represented the seller.
"919 North Michigan Avenue represents the type of generational retail real estate that rarely comes to market, combining an irreplaceable corner location with exceptional luxury tenancy and significant long-term value," Polczynski said. "The strength of the asset and its position within one of the country's most recognized retail destinations generated significant investor interest."
Polczynski added: "A special thank you to Joe Girardi of Mid-America for a successful closing."
Value-Add Potential Drives L3 Capital's Strategy
The roughly 11,000 square feet of available space gives L3 Capital a lease-up opportunity. The property's existing luxury tenancy — anchored by a long-tenured Louis Vuitton flagship that recently renovated and extended its lease — provides an income foundation while the new owner pursues stabilization of the remaining vacancy.
The transaction reflects continued investor appetite for well-located, luxury-oriented retail assets in top urban corridors, where demand from global brands and concentrated tourism and consumer spending support pricing power. The Magnificent Mile has maintained its position as one of the country's recognized high-street retail destinations, drawing both established global retailers and investor capital even as broader retail real estate remains bifurcated between trophy corridors and weaker commodity locations.
Newmark Also Marketing Nearby 625 North Michigan Avenue
Newmark is separately serving as exclusive advisor for the upcoming offering of 625 North Michigan Avenue, a 52,283-square-foot retail and upper-floor asset at the corner of North Michigan Avenue and East Ontario Street. That property is anchored by Charles Tyrwhitt and Garrett Popcorn, with substantially vacant upper floors that could accommodate office, medical office, hospitality, entertainment, experiential retail, or multifamily uses, subject to zoning and approvals.
The two assignments signal continued transactional activity along North Michigan Avenue, where globally recognized retailers, established local institutions, and dense tourism and consumer spending support the corridor's standing as a premier urban retail destination.
About the Firms
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisory and services firm. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion and operated from over 195 offices with more than 10,000 professionals across four continents.