U
nion Investment Real Estate, a German asset manager based in Hamburg, has listed its 28,800‑square‑foot luxury retail complex at 57‑65 East Oak Street in Chicago. The building, fully occupied by brands such as Chanel, Moncler, Van Clever & Arpels and Le Colonial, was bought in 2021 for $120 million— the highest price paid for a Chicago retail property since 2016 and one of the decade’s most expensive single‑asset deals. The firm declined to explain its motivation or expected sale price, but the move may signal renewed interest in retail assets after a lull caused by higher borrowing costs and market uncertainty.

    Oak Street rarely sees turnover, and its tenants are almost exclusively luxury. Recent transactions include a $17 million sale of a Bottega Veneta‑leased space late last year and Razny Jewelers’ $16.4 million purchase of 107 East Oak in February. Built in 2018, the Union property is among the newest on the block and one of only a few modern, multi‑tenant buildings there.

    Newmark’s senior managing director Keely Polczynski, who is marketing the listing, describes the site as “construction, elite tenancy and one of the most coveted luxury retail assets in the nation.” She notes that Oak Street ranks in the country’s top five corridors, often likened to New York’s Fifth Avenue or Beverly Hills’ Rodeo Drive.

    Unlike other downtown Chicago corridors such as the Magnificent Mile, Oak Street remains occupancy and has attracted tenants like French handbag Polène and Lugano Diamonds, which opened boutiques there this year.