Apple Seeks New Magnificent Mile Digs

Apple Inc. (Cupertino, Calif.) has hired brokers to find new retail space on the Magnificent Mile, sources told Crain’s Chicago Business.

The firm is said to have looked at several spaces on the Magnificent Mile, including the Topshop store at 830 N. Michigan Ave. and the former Saks store at 717 N. Michigan Ave.

Apple likely is in the market because the term of its initial lease for its 30,000-square-foot building on Michigan Avenue expired in March 2012, according to a 2001 document filed with the Cook County Recorder of Deeds Office. Apple presumably is leasing space from the owner of the building under an option to extend the lease, but those details couldn't be confirmed, Crain’s reported.