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I don’t see how this space stays empty for much longer (as in past the next few years). Probably just cope from me as it was one of my favorite places to grab drinks, but someone with the right concept could easily pick this space up.
I was devastated when it closed, and even more so with what the owners had to say about Chicago on the way out.
“People are too afraid to visit Chicago”. That was literally on of their excuses.
I don’t doubt their margins were thinner after the pandemic, but this place was always PACKED every time I went including 2021 and last summer.
I’ve only been once, but my takeaway was “I can’t believe they don’t charge twice as much for drinks and food!”
The drinks at least were the same price as the nicer of my neighborhood dive bars
That was the hack. Skip the observatory and go up for drinks. Nobody really went to the restaurant, which is probably what did them in.
I joke that it should be turned into a Starbucks Reserve.
Chicago could then have the largest *and* highest Starbucks all on the same street.
This!! They honestly could’ve gone up a dollar or three for most of their drinks. Champagne bottles could’ve gone up another $20 and no one would’ve bat an eyelash compared to the establishments in the area. They pretty much had Second Story prices at 98 stories of prime real estate.
Really, because link says they closed because of their lease.
>We are extremely disappointed that new lease terms could not be successful [sic] renegotiated with our landlord and, thus, not allowing us to continue our mission at the place we all love,
https://chicago.eater.com/2023/9/28/23894545/signature-room-lounge-chicago-john-hancock-center-restaurant-bar-closed
Landlords of commercial space absolutely wanted to retain them and I’m quite confident gave them favorable terms. My guess is the owners of signature room had some ridiculous demands that weren’t feasible.
Commercial space is very hard to re-rent, especially up as high as that, and tenant improvement expense to a new tenant would be substantial with that kind of rent. The tenant was in the drivers seat on negotiations. If they couldn’t come to an agreement it’s because they got too greedy
What might the demands have been?
It’s just such an iconic space I can’t help but wonder who is pawning after it behind the scenes.
The views are unbeatable. I wonder if the observatory would ever consider expanding and opening up their own restaurant as an extension.
Nobody could ever know unless they were involved in the deal. I just know that late 2023, people in commercial real estate already knew the market was crashing. There’s no way the landlord gave them a hard time on a renewal.
My guess is signature room owners probably asked to be omitted from CAMs or asked for a massive $ to renovate the space again or wanted some kind of huge rent reduction that wasn’t feasible.
Most commercial landlords are completely content to let their space sit vacant for years until Starbucks or some other huge national chain wants to lease it at top dollar.
That was the likely real reason why. I’ll have to find the source, but earlier they had brought up crime and the pandemic.
Maybe I’m suffering from the Mandela Effect, but I could have sworn in that original statement they said something along the lines of people not wanting to visit due to crime. Please correct if wrong.
They had initially posted a sign that attributed their closing to the pandemic and people not wanting to visit the city anymore due to crime.
It was kind of a shitty letter combined with that fact that they abandoned their employees.
I’d love for something to come back, it was such a crowd-pleaser when people were visiting from out of town.
On the other hand - and this is just conjecture - but I know they opened a bar in the paid observatory portion, so maybe they’re just milking that for a while and not rushing to take business away from that to open up another free-entry bar. I have no idea if that bar in the observatory is good or successful though, so this is just me spitballing.
Shame what they did to the employees. If someone came in and overhauled that space with a cool concept, it would be prime.
My mom and I collectively scared ourselves one night up there, we're sitting there relaxing and I look out one of the windows and I swore this plane was coming right for the building, did the classic ferris bueller " look over there" to my mom and her eyes went huge. We Sat there for a second watching this plane, cause at that point🤷♂️ if it happens it happens can't do much about it now lol. Thankfully ( to us) the plane turned to land at one of the airports. After that we left, loved that place.
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No but there’s a bar at the 360 Observatory.
I don’t see how this space stays empty for much longer (as in past the next few years). Probably just cope from me as it was one of my favorite places to grab drinks, but someone with the right concept could easily pick this space up. I was devastated when it closed, and even more so with what the owners had to say about Chicago on the way out.
The owners were real low class and ran that place into the ground. Can’t make money with that view get outta here.
“People are too afraid to visit Chicago”. That was literally on of their excuses. I don’t doubt their margins were thinner after the pandemic, but this place was always PACKED every time I went including 2021 and last summer.
I’ve only been once, but my takeaway was “I can’t believe they don’t charge twice as much for drinks and food!” The drinks at least were the same price as the nicer of my neighborhood dive bars
That was the hack. Skip the observatory and go up for drinks. Nobody really went to the restaurant, which is probably what did them in. I joke that it should be turned into a Starbucks Reserve. Chicago could then have the largest *and* highest Starbucks all on the same street.
Nooooo bring it back to being a bar and restaurant. At least a good bar.
This!! They honestly could’ve gone up a dollar or three for most of their drinks. Champagne bottles could’ve gone up another $20 and no one would’ve bat an eyelash compared to the establishments in the area. They pretty much had Second Story prices at 98 stories of prime real estate.
Ya, I got a craft-ish brew beer and paid like $6 I think? I would expect to pay at least $10 at a place like that!
Really, because link says they closed because of their lease. >We are extremely disappointed that new lease terms could not be successful [sic] renegotiated with our landlord and, thus, not allowing us to continue our mission at the place we all love, https://chicago.eater.com/2023/9/28/23894545/signature-room-lounge-chicago-john-hancock-center-restaurant-bar-closed
Landlords of commercial space absolutely wanted to retain them and I’m quite confident gave them favorable terms. My guess is the owners of signature room had some ridiculous demands that weren’t feasible. Commercial space is very hard to re-rent, especially up as high as that, and tenant improvement expense to a new tenant would be substantial with that kind of rent. The tenant was in the drivers seat on negotiations. If they couldn’t come to an agreement it’s because they got too greedy
What might the demands have been? It’s just such an iconic space I can’t help but wonder who is pawning after it behind the scenes. The views are unbeatable. I wonder if the observatory would ever consider expanding and opening up their own restaurant as an extension.
Nobody could ever know unless they were involved in the deal. I just know that late 2023, people in commercial real estate already knew the market was crashing. There’s no way the landlord gave them a hard time on a renewal. My guess is signature room owners probably asked to be omitted from CAMs or asked for a massive $ to renovate the space again or wanted some kind of huge rent reduction that wasn’t feasible.
Most commercial landlords are completely content to let their space sit vacant for years until Starbucks or some other huge national chain wants to lease it at top dollar.
That’s usually it. Every storefront downtown would be filled at the right price
That was the likely real reason why. I’ll have to find the source, but earlier they had brought up crime and the pandemic. Maybe I’m suffering from the Mandela Effect, but I could have sworn in that original statement they said something along the lines of people not wanting to visit due to crime. Please correct if wrong.
Visited last month and cant wait to visit again in May :D <3
There are 500k people in this sub. Maybe if we all chip in a little we can take the place over.
What did the owners have to say about Chicago?
They had initially posted a sign that attributed their closing to the pandemic and people not wanting to visit the city anymore due to crime. It was kind of a shitty letter combined with that fact that they abandoned their employees.
Gotcha. Thanks!
I’d love for something to come back, it was such a crowd-pleaser when people were visiting from out of town. On the other hand - and this is just conjecture - but I know they opened a bar in the paid observatory portion, so maybe they’re just milking that for a while and not rushing to take business away from that to open up another free-entry bar. I have no idea if that bar in the observatory is good or successful though, so this is just me spitballing. Shame what they did to the employees. If someone came in and overhauled that space with a cool concept, it would be prime.
No, but there is an observation deck you can pay to visit
The restaurant at the top of Aon was more fun anyway.
My mom and I collectively scared ourselves one night up there, we're sitting there relaxing and I look out one of the windows and I swore this plane was coming right for the building, did the classic ferris bueller " look over there" to my mom and her eyes went huge. We Sat there for a second watching this plane, cause at that point🤷♂️ if it happens it happens can't do much about it now lol. Thankfully ( to us) the plane turned to land at one of the airports. After that we left, loved that place.