Water Tower Place Chicago Completes Multimillion Dollar Redevelopment

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Water Tower Place, 835 N. Michigan Ave., Chicago, completed its extensive redevelopment plan November 20, 2008, debuting eight new stores just in time for the holidays. The new retailers, collectively representing nearly 116,000 square-feet of retail space bring renowned designer names and new concepts to the Magnificent Mile including adidas, Aeropostale, American Girl Place, Aritzia, Betsey Johnson, CUSP, Forever 21 and Tous.

Our distinct retail mix and shopping experience continues to position us as a leading U.S. shopping destination.

Completed November 20, 2008, Water Tower Place's extensive redevelopment plan debuted eight new stores just in time for the holidays. The new retailers, collectively representing nearly 116,000 square-feet of retail space, bring renowned designer names and new concepts to the Magnificent Mile including adidas, Aeropostale, American Girl Place, Aritzia, Betsey Johnson, CUSP, Forever 21 and Tous.

Water Tower Place, 835 N. Michigan Ave., helped kick-start the retail boom on Michigan Avenue and garnered icon status when it opened its doors more than more than 30 years ago. Since then, the center has stayed on the forefront of merchandising trends and has set the tone for the unique, upscale shopping experience consumers have grown accustomed to all along the Magnificent Mile. Highlights of the multi-million dollar redevelopment project at Water Tower Place include the recent opening of American Girl Place's new 52,000-square-foot flagship and renovations and upgrades to the center's common areas and amenities.

"Our strategy aimed to bring exciting and unique retail concepts from around the world to Chicago, and we are delighted to have achieved this goal with a stellar line up of openings this past summer and fall," said Timothy Haislet, senior vice president, asset management for General Growth Properties, which owns and manages Water Tower Place. "Our distinct retail mix and shopping experience continues to position us as a leading U.S. shopping destination."

adidas brought its famous spirit of innovation to Chicago's Magnificent Mile in the form of a new 12,000 square foot adidas Sport Performance Store, which opened in August 2008 on level four. The Chicago location joins the San Francisco store in featuring the mi adidas unit, enabling consumers to customize their own unique, high-performance shoes to perfectly match their individual needs. The full range of adidas products are available to ensure visitors find something new and exciting each time they enter the store. Featuring the latest trends in Sport Performance products and Sport Heritage goods, the Chicago location also offers the latest Chicago Fire fan gear, as well as the official gear of the NBA.

Canada's most fashionable import, Aritzia launched one of its first U.S. locations at Water Tower Place in August with a 4,176 square-foot store on level three. Aritzia is a luxury apparel retailer for young, style-forward women between the ages of 15 and 35 years old. The new Water Tower Place boutique carries must-have items from the latest and hard-to-find fashion labels such as Anna Sui, Cheap Monday, Citizens of Humanity, Community, Development, Habitual, James Perse, Marc by Marc Jacobs, Mike & Chris, See by Chloe, Talula, TNA, Twelfth Street by Cynthia Vincent, WeSC, Wilfred, and many more.

Barcelona-based global jewelry and accessories brand, Tous opened in summer 2008 on level five of the center with a 588 square-foot boutique.

Aeropostale opened its first Chicago location at Water Tower Place in September. Aeropostale is a mall-based retailer of casual apparel and accessories targeted to both the male and female teen market. Its new 4,061 square-foot store is situated on level six of the center.

Betsey Johnson also opened in September with a 1,205 square foot boutique on level two. Betsey Johnson is known for her unique and original style that showcases exuberant, embellished and over-the-top designs. This is the retailer's debut into the downtown Chicago market and only the second Betsey Johnson in the state.

Forever 21 debuted an impressive 35,739 square-foot store in the former Lord & Taylor space on levels five and six in October. The department store-style concept has a unique room-to-room feel and features all of the Forever 21 famed lines of trendy designs at affordable prices for both women and men.

Continuing the impressive list of openings is CUSP, which will open a 6,048 square-foot store on level two November 20. Designed for vibrant, fashion forward women, CUSP offers a unique mix of contemporary apparel, shoes, handbags and accessories presented in a modern environment. Water Tower Place will be the exclusive Chicago location for CUSP and is only the retailer's sixth location in the country.

A compete list of stores, events and special promotions are available at http://www.shopwatertower.com. For concierge service call (312)440-3166.

ABOUT GENERAL GROWTH PROPERTIES, INC./WATER TOWER PLACE MANAGEMENT:
Water Tower Place is owned and managed by General Growth Properties, Inc., one of the largest U.S.-based publicly traded real estate investment trusts (REIT), based upon market capitalization. Best-known for its ownership or management of more than 200 shopping malls in 45 states, General Growth is also a leading developer of master-planned communities and mixed-use properties. It has ownership interest in master-planned communities in Texas, Maryland and Nevada and in smaller mixed-use projects under development in additional locations. Its shopping center portfolio totals approximately 200 million square feet of retail space accommodating more than 24,000 retail stores nationwide. General Growth's international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, visit http://www.ggp.com.

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Denise O'Handley

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