clock menu more-arrow no yes

Filed under:

State Street, That Expensive Street

Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.

Georgetown Co. recently plopped down beaucoup bucks for the Old Navy building at the corner of State and Washington—a whopping $23 million in cash, to be exact. The extraordinary sale for this 45,000 square-foot structure is costing the New York-based developer about $511 per square foot, setting a record for the most ever paid on a per-square-foot basis for State Street retail space. Old Navy should maybe keep an eye out for a new Chicago flagship space soon-ish: when their lease goes up in 2017, the ambitious Georgetown execs are thinking about replacing the store with a high-rise. [Crain's]