Wintrust Business Minute: North American Real Estate buys Tribune Tower retail space

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A Chicago investor has bought the retail space at Tribune Tower. Crain’s reports North American Real Estate purchased the 47,000-square-foot space for an undisclosed price. Tribune Tower at 435 N. Michigan was redeveloped into high end condos in 2016, it used to be home to the newspaper’s editorial offices and WGN Radio. The report says North American Real Estate has purchased several properties on the retail corridors of Michigan Avenue and State Street. The firm says it’s had lots of interest from retailers who want a presence in those areas as downtown foot traffic recovers. The retail space at Tribune Tower is 36% leased. The Museum of Ice Cream is one of the occupants. 

Also, electric vehicle maker Rivian is laying off more than 100 salaried manufacturing employees.