Silvestri Investments has purchased the 195,500-square-foot flagship Neiman Marcus building located on Chicago’s famed Magnificent Mile.
Silvestri, a privately held, family-owned real estate investment firm, acquired the asset in a 1031 exchange.
Neiman Marcus, a luxury department store chain, has operated its flagship Chicago operation at this location since the four-story building was constructed in 1983. It is positioned on 1.22 acres at 737 N. Michigan Ave. and, with more than 200 feet, has the largest single-tenant continuous frontage on Michigan Avenue. It is located along the Magnificent Mile, Chicago’s premier commercial district that spans 13 blocks, at the corner of Superior Street. The district welcomes more than 30 million annual visitors to its high-street retail and upscale restaurants and hotels.
“Neiman Marcus is one of only eight trades on Michigan Avenue within the last decade and was highly sought after by both domestic and internation
