House of Kahn Estate Jewelers is selling 60 E. Walton St., the four-story building that houses its Chicago showroom, but assures clients that though its location may change, the business isn’t going anywhere.
Tobina Kahn, vice president of the company, tells JCK it likely won’t replace the Chicago showroom if the building sells but will keep a small office in the city. The company’s headquarters is in Palm Beach, Fla.
“Our business doesn’t require a storefront,” she says. “Our business is very, very different than the kind of businesses that you are seeing on this street now,” Kahn tells JCK, referring to recent leases signed by Dior and Vesace. “We have three generations of collectors all over the country and the world. We don’t need to be a store.”
Kahn’s mother, Adele Kahn, initially bought the building in 1968 as an investment property. Past tenants include restaurants and a cigar club. House of Kahn moved its operations from a space on Michigan Avenue to the ground floor of the building 14 years ago.
Real estate on the street has skyrocketed in recent years. The Waldorf Astoria hotel across the street just sold for $113 million, and another building on the street is getting $450 a square foot, Kahn says. “That’s a lot for Chicago,” she says.
“What really made the decision for me was when I saw how much they got down the street,” she says. “I just thought, it’s time. We don’t want to miss this opportunity.”