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2004 : HERSHEY INKS SWEET DEAL FOR 3,500-SF MAG MILE SPACE IN LOYOLA UNIVERSITY'S LEWIS TOWERS C&W and Baum Realty join forces to place Hershey, Pa.-based candy colossus in prime Michigan Ave. space; transaction marks the company's second stand-alone retail venture Oct. 21, 2004 Hershey Food Corp.'s well-documented entrée into the posh North Michigan Avenue shopping district is largely the result of backstage efforts by commercial real estate firms Cushman & Wakefield, Inc. and Baum Realty Group. Their successful negotiations with Loyola University resulted in a long-term lease for the confectioner's follow-up to its first stand-alone retail store, located in New York's Times Square. The company also has a retail operation at its Hershey, Pa. headquarters. Beginning in spring 2005, Hershey will satisfy the ever-increasing chocolate cravings of Magnificent Mile shoppers at a 3,500-square-foot retail store, café and special event venue, located in Loyola University's Lewis Towers, 820 N. Michigan Ave. The ground-floor specialty shop will offer Hershey's branded goods as well as desserts, snacks and beverages. Outdoor seating will be available along the gothic revival building's Pearson Street side. Senior Director James S. Downey of C&W's Retail Services Group, along with Baum Realty Group Vice Presidents Lorraine Adney and Nicole Putzel, represented Hershey in the site selection and leasing process. "Bringing Hershey's new concept store to Chicago, to Michigan Avenue no less, was exciting on so many levels," Mr. Downey said. "The location, just across the street from Water Tower Park, exceeded Hershey's already high expectations. In addition, Hershey is honored to be associated with Loyola, not only for its prestige but for its strong Chicago identity as well." "History will come full circle when Hershey opens here," said Ms. Adney. "This is where it all began for Milton Hershey and chocolate. It was at the 1893 Columbian Exposition that Mr. Hershey purchased his first chocolate-making equipment. Before that, his company focused on caramels." Hershey Foods Corporation (NYSE: HSY) is a leading snack food company and the largest North American manufacturer of quality chocolate and non-chocolate confectionary products, with revenues of over $4 billion and more than 13,000 employees worldwide. The company markets such well-known brands as Hershey's, Reese's, Hershey's Kisses, Kit Kat, Almond Joy, Mounds, York, Jolly Rancher, Twizzlers, Ice Breakers and Bubble Yum as well as innovative new products such as Swoops and Hershey's S'mores. In addition to its traditional confectionery products, Hershey offers a range of products specifically developed to address the nutritional interests of today's health-conscious consumer. These products include sugar-free Hershey's, Reese's and York candies, as well as Hershey's 1 gram Sugar Carb bars for people living a low-carb lifestyle. It also markets Hershey's cocoa, Hershey's syrup and other branded baking ingredients, toppings and beverages. The 17-story Lewis Towers was built in 1926 as a classroom building for Loyola. Its façade combines coarse face brick with ornate glazed terra cotta at the top and bottom of the structure. The skyscraper recently underwent a $2.5 million exterior restoration. * * * Cushman & Wakefield is the world's premier real estate services firm. Founded in 1917, the firm has 163 offices in 49 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. We also provide valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm's Web site at www.cushmanwakefield.com. |
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1030 W. Chicago Avenue :: Suite 200 :: Chicago, IL :: 60642 :: P: 312.666.3000 :: F: 312.666.7970 :: info@baumrealty.com |
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