Primark, a fashion retailer based in Dublin, is taking over the former Gap store at 35 N. State St., across the street from Macy’s.
The lease of 45,000 square feet is the largest along State Street since 2014, said the Georgetown Co., which owns the three-story building. Georgetown said the building will get a top-to-bottom remodeling, but it declined to say when Primark will open.
A source described the retailer’s lease as long term but could add no details. Primark could not be reached.
It would be Primark’s first location in the Midwest. It has nine stores in the Northeast and opened its first U.S. location in 2015.
Known as a “fast fashion” retailer that tries to adapt quickly to changing styles, Primark has about 360 stores across Europe. “We are fortunate to have found and secured such an impressive location in the heart of the vibrant Chicago market,” its property director, Tom Meager, said in a news release.
The State Street building, at the southeast corner of State and Washington, has frequently been mentioned as a candidate for replacement by a high-rise. Georgetown paid $23 million for it in 2011.
“As one of the fastest growing retailers in the United States, Primark is a perfect fit for the building and will be a welcome addition to a popular list of neighboring businesses in the Loop,” said Georgetown CEO Adam Flatto.
The New York-based company owns the K2 apartment tower and other retail space in Chicago.
Mid-America Real Estate Group represented Georgetown and CBRE Group represented Primark in the lease negotiations.