Landlord Seeks Experiential Tenant for 132,600-Sq-Ft Medinah Temple After $20M Bally’s Lease
Bally’s will vacate the 132,600-sq-ft Medinah Temple after generating roughly $20M in rent and fees, as it focuses on its permanent $1.7B River West casino now at peak construction height and due spring 2027. The landmark site is being marketed to a global experiential brand.
1. Bally’s Temporary Lease Performance
In 2022 Friedman Properties secured a four-year lease of the 132,600-sq-ft Medinah Temple to Bally’s for its temporary casino, generating roughly $17M in rent and management fees and shifting the annual property tax burden of over $1.1M onto the gaming operator, resulting in an estimated $20M profit for the landlord.
2. Marketing Plans for Medinah Temple
Friedman Properties has engaged Savills brokers Todd Siegel, Philip Golding and Kimberly Wiskup to market the landmark building at 600 North Wabash Avenue, targeting a flagship global brand to anchor an experiential retail concept rather than a traditional storefront.
3. Bally’s River West Casino Advance
Bally’s is investing $1.7B in its permanent River West casino, which recently reached its peak construction height and is scheduled for spring 2027 completion, prompting the planned exit from the Medinah Temple temporary site.
4. Landlord’s Experiential Retail Strategy
Albert Friedman is shifting towards immersive and experiential tenants after hosting David Byrne’s “Theater of the Mind” in a nearby property, aiming to leverage downtown Chicago’s post-pandemic retail rebound with high-profile attractions.