State Street, That Expensive Street

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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]