November 17, 2016
Thor Equities sold its Jordan Brand flagship building in Chicago’s South Loop for $44.2 million. The sale effectively ends Thor’s 16-year hold on the asset at 26-34 S. State St., which it acquired in 2002 for $5 million. Crain’s Chicago Business identified the buyer as TH Real Estate, a division of New York-based TIAA Global Asset Management.
In 2014, Thor leased 12,000 square feet to 32 South State: The Jordan Brand Experience, which today has a two-level space offering sneakers, apparel and additional merchandise with Michael Jordan’s trademarked “Jumpman” silhouette. The space also includes a fitness facility. Also in the building is Foot Locker, which began its 15-year lease last year.
“After upgrading 26-34 South State Street and successfully leasing the retail space, we felt the time was right to sell this highly desirable building in the heart of the Chicago Loop,” said Joseph Sitt, CEO of Thor Equities.
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