Oxford Capital Group, LLC Continues Momentum, Signing Third Retail Lease in Downtown Chicago During the Pandemic
The innovative international real estate investment firm announces La Borra del Café lease signing at The Shops at LondonHouse on North Michigan Avenue
CHICAGO (January 14, 2021) – Real estate and hospitality leader Oxford Capital Group, LLC announces its third lease signing of the past eight months, securing La Borra del Café, a rapidly-expanding Mexican-style café chain, for the concept’s second Chicago location at The Shops at LondonHouse located at 360 North Michigan Avenue at Wacker Drive. The 1,505 square foot café is expected to open late 2021, and will join Smashburger, one of the nation’s fastest growing “better burger” restaurants, which will open its first-ever Chicago location in mid-2021, also at The Shops at LondonHouse. Smashburger signed its lease in June 2020.
In addition to La Borra del Café and Smashburger, Oxford Capital Group recently secured a lease with Butler Hospitality in fall of 2020 as the NYC-based ghost kitchen for hotels launched in Chicago, operating a new all-day dine-in restaurant on the ground-floor of The Godfrey Hotel Chicago and expanding virtual room service to several additional downtown hotels.
“We are confident about the eventual recovery of North Michigan Avenue, downtown Chicago and its hospitality industry generally as we head into 2021. It’s gratifying that two of these three recent leases are on North Michigan Avenue given some of the recent announcements. We relate to and admire these tenants for having the vision and fortitude to make these commitments during this difficult and uncertain time,” said John W. Rutledge, Founder, President and CEO of Oxford Capital Group and Oxford Hotels & Resorts. “Each of these tenants will be great additions to the Chicago retail and restaurant landscape as we emerge from the pandemic.”
The Shops at LondonHouse, now more than 80% leased including La Borra del Café, are located at the foot of Michigan Avenue Bridge (DuSable Bridge), and sit amidst prominent hotels, office buildings, the Chicago Architecture Center at 111 E Wacker Drive, and destination retail – including Apple’s flagship Chicago store directly across the river. Approximately 5,000 square feet of attractive ground floor retail space with strong visibility from North Michigan Avenue and the Chicago River, as well as well as some of the highest foot traffic counts in the city, remains available for lease.
“It’s a testament to the strength of LondonHouse and Godfrey as iconic properties in prime locations that we have been able to sign our third retail lease in downtown Chicago during these unprecedented times,” says Sarang Peruri, Chief Operating Officer, Oxford Capital Group, and Partner, Oxford Hotels & Resorts. “We are thrilled to have La Borra and Smashburger as tenants, who we view as excellent co-tenancy for LH Rooftop, Bridges Lounge, Ocean Prime, Land & Lake, and Corner Bakery.”
Historically contrarian and value-oriented, Oxford Capital Group has been active throughout the pandemic. In addition to finalizing three new major retail leases over the past year in Chicago, the firm recently acquired five properties in Downtown San Francisco and Silicon Valley this past December with plans to reposition many of the assets. In one of the largest transactions of 2020, a joint venture between Oxford Capital Group. LLC and Quadrum Global sold Essex on the Park, the 56-story, 607-foot, 479-unit, modernist luxury apartment tower, which it developed and opened in 2019. The firm is also the hotel manager and recently wrapped up its role as a senior development advisor on the comprehensive redevelopment of the historic Rand Tower Hotel Minneapolis. It was also recently hired for the same roles for a large-scale adaptive reuse and historic redevelopment in downtown Portland, Maine. Oxford, along with local partners, is in advanced pre-development for a mixed-use Godfrey Hotel and apartments in Detroit. The firm was also fortunate to be able to support the Chicago and San Francisco Bay Area communities in 2020 through city contracts, providing sanctuary housing for frontline workers and others affected by COVID-19. Oxford Capital Group is in the advanced stages of several other significant transactions around the country.
About Oxford Capital Group and Oxford Hotels & Resorts
Oxford Capital Group is an award-winning international real estate investment, development, and management firm that focuses on large-scale acquisitions, developments, redevelopments, and operationally intensive real estate. Oxford, its affiliates, and principals have been involved in over $3 billion of real estate and private equity investments, with a primary focus on hospitality (13,000+ hotel rooms); hospitality anchored mixed use projects including multi-family (1,000+ units); senior housing (3,000+ units); urban retail; and parking. Oxford Hotels & Resorts is its wholly owned hotel management affiliate, which specializes in operating, managing, and branding distinctive, high design luxury lifestyle hotels, and food & beverage venues. Its growing national portfolio of lifestyle hotel brands include Audrey, Cass, Essex, Felix, Godfrey, Julian, LondonHouse, and Versey. It also has a growing collection of restaurants, rooftops, bars and pool-centric food & beverage venues. These include About Last Knife (ALK), I|O Rooftop, LH Rooftop, Ruka, Spa Boutique, SX Sky Bar, and WTR. Oxford Living is its senior housing investment and management platform. Oxford Residential is its multi-family development affiliate.