Chef Jimmy Bannos has run the popular Loop restaurant “Heaven on Seven” a Creole-style establishment on the seventh floor of Chicago’s historic Garland Building for the past 39 years. After a storied career, Bannos is looking to sell the beloved establishment.
Bannos has indicated that all furniture, fixtures, and equipment will be included in the sale, making this an ideal location for a new hospitality effort. The sale will also include the 2,304-square-foot restaurant and the adjacent 466-square-foot office for a grand total of 2,700 usable square feet.
For an additional price, Bannos is willing to offer the Heaven on Seven total brand, including the space, name, emblem, and all recipes. Both the space and the business are available through Commercial Broker Larry Cohn of @properties. The initial listing for the condominium space itself is for $450,000. Those seeking to acquire the total use of the business name, recipes, and logo can do so for an additional $100,000. According to Cohn, “This is truly a unique opportunity to purchase a fully built-out restaurant space one block west of Millennium Park and to buy a legendary Chicago restaurant business right down to the recipes.”
Interior Heaven on Seven Photographed by Tuan Huynh
The Garland Building, located at 111 N. Wabash Avenue, is a historic institution. Built in 1914 it is still one of the most recognizable buildings in Chicago’s renowned Jeweler’s Row District. The building underwent an overhaul in 2005 where it became one of the first office condominium conversion projects in downtown Chicago.
Even before the conversion, the Garland Building has maintained historically high occupancy rates. This is true for a few reasons, not least of which includes the fact that its 170 commercial units are owned, not leased. The occupancy breakdown trends towards traditionally long-term tenants with interdependent businesses. Cohn thinks of “The Garland Building, and to a larger extent Jewelers Row is an ecosystem where the businesses tend to support one another. That’s one of the factors that contributed to Heaven on Seven’s longevity and success, and certainly, Jimmy’s cooking and the atmosphere he created brought people in from far and wide.”
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Wow i bet this will go quick that price seems like a steal