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RKF Arranges Lease for Ocean Prime at Londonhouse on North Michigan Avenue

02.12.18

Modern American Steak and Seafood Restaurant Opening First Chicago Location
at 360 North Michigan Avenue

CHICAGO – RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, has arranged a 12,350-square-foot lease for Ocean Prime at the base of the LondonHouse Hotel, at 360 North Michigan Avenue. When it opens in spring 2019, this will be the award-winning restaurant’s 16th location and first in Chicago.

RKF Vice President Anthony Campagni and Steve Schwartz represented the landlord, Oxford Capital Group and Angelo, Gordon & Co.’s, in the transaction. Ocean Prime was represented by Keith Rogers of RDA.

Located at the southwest corner of North Michigan Avenue and Wacker Drive, 360 North Michigan Avenue offers unparalleled opportunities for retailers seeking a Flagship location in a globally renowned district known for high-end shopping, fine dining, and other tourist and cultural destinations. This is one of the busiest intersections in the famed North Michigan Avenue retail district. The property is now more than 50 percent leased on the Ground Floor. RKF is marketing an additional 9,103 square feet of divisible retail space there. The space offers open floor plates, high ceilings and exceptional views.

Ocean Prime is a modern American restaurant and lounge from renowned restaurateur Cameron Mitchell, founder and CEO of Cameron Mitchell Restaurants and a past recipient of the Richard Melman Concepts of Tomorrow Award. It offers an impressive menu of seafood and prime cuts of steak, signature cocktails and a Wine Spectator-honored wine list.

“We’re thrilled to open an Ocean Prime in Chicago, a city we’ve had our sights on for quite a while,” says Mitchell. “When we toured the dramatic, beautiful space, looked out across the Chicago River through its floor-to-ceiling windows, and felt the energy of the neighborhood, we knew the time was right.”

The top-performing Nordstrom store in the United States anchors the nearby Shops at North Bridge, and Apple recently opened its new global flagship store at 401 Michigan Avenue. New modern, boutique lifestyle hotels—including LondonHouse, the Chicago Athletic Association Hotel and Virgin Hotel—are appealing to visitors and residents alike. The nearby Art Institute of Chicago sees 1.5 million visitors annually, and Millennium Park welcomes more than five million visitors each year.

“LondonHouse is one of Chicago’s most perfectly positioned lifestyle destinations – at the convergence of both the Magnificent Mile and the Millennial Mile,” says Campagni. “Oxford Capital Group and Angelo, Gordon & Co.’s transformative investment in this unique property has created a wonderful opportunity for a world-class restaurant — and Ocean Prime is sure to thrive there.”

“We’re seeing an expansion of the North Michigan Avenue shopping corridor southward, toward Millennium Park,” Campagni explained further. “With major retailers making commitments to open along the river, this is shifting the boundaries of what had formerly been considered the ‘end zone’ of the primary shopping area, to what’s now essentially the ‘50-yard line.’”

North Michigan Avenue also boasts a robust daytime office population of 210,000, along with a steady flow of shoppers and tourists.

About RKF
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $40 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Tokyo and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.

RKF’s Chicago office is located at 353 North Clark Street, Suite 2050, Chicago IL 60654
T: 312.698.8880. www.rkf.com

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