Newmark Unites Global Retail Experts to Energize 70,000-SF Waterfront Space in Top-Four U.S. Market

May 13, 2025 9:00 AM

Newmark [1] is leading the bold vision to elevate a premier waterfront retail destination in River North Chicago, adjacent to the iconic Magnificent Mile commercial district and the Chicago Riverwalk. Senior Managing Director James Schutter and Managing Director Larry Kling, in collaboration with a global team made of New York-based Executive Managing Director Jason Pruger and Associate Director Jason Stein and London-based Executive Managing Director Tim Newman and Director Simon Carson, will lease the two-level retail offering facing the Chicago River at the 100-story Trump International Hotel & Tower® Chicago at 401 North Wabash Avenue.

“This is an incredible opportunity to create a placemaking destination in the heart of Chicago that creates a unique customer experience for 50 million annual tourists and the local residents and business community,” said Schutter. “The wide range of global expertise in Newmark’s national and international teams positions the asset for long-term success.”

By activating one of the market’s longest-vacant retail spaces with chocolatier Ghirardelli, Walgreens and Peet’s Coffee at the neighboring Wrigley building, Chicago-based Schutter and Kling have cemented their reputation for successfully executing high-profile retail assignments in the local market. Pruger and Stein have activated complex spaces throughout New York City, including the Virgin Hotel, Tower 57 at Lexington and Third Avenues and multiple prime listings throughout Manhattan. Newman and Carson are known in the U.K. for advising some of the most notable experiential retailers and restaurateurs in the country and have consulted on a host of hotel retail activation projects.

“Our team’s deep understanding of the evolving international retail landscape – combined with our long-standing client relationships – is key in curating a dynamic tenant mix that reflects the prestige of the tower and the expectations of both consumers and the surrounding community,” said Pruger.

401 North Wabash offers expansive 31,712-square-foot floor plans across both the Riverwalk and terrace levels. Ideally suited for a variety of retail concepts – including unique restaurant experiences, boutique shops and experiential/interactive destinations – the space allows for innovative and design-savvy tenant build-outs to complement and enhance the hotel guest experience.

“Chicago is known for its thriving destination-driven retail concepts,” added Newman. “We see tremendous potential to attract innovative brands, particularly by targeting unique restaurant experiences and interactive concepts that will energize and enhance the city’s riverfront.”

Situated in Chicago’s River North business district, the tower is directly adjacent to Michigan Avenue, renowned for its world-class shopping, dining and entertainment. The retail market in Chicago is the fourth-largest in the U.S. and has logged a positive 1.3 million square feet of absorption over the past 12 months, according to Newmark Research. What’s more, the market has built positive momentum by attracting unique and notable retail concepts including Aritzia, Uniqlo, The Harry Potter Experience, Mango, L’Agence and A Lange & Sohne over the past year.

401 North Wabash is next to numerous thriving upscale restaurants and retailers along the Riverwalk – including Gibsons Italia, Tiny-Tapp, Beatnik On The River and the Apple Store – and enjoys high visibility from Wendella Boat Tours, which attracts nearly one million tourists annually. The tower also offers easy connectivity to The Loop, Chicago’s Theatre District and the vibrant Millennium Park, drawing both residents and visitors alike.

[1] Not affiliated with NewMark Merrill Companies

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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