Signature Room restaurant closes unexpectedly

The iconic Signature Room restaurant near the top of the 875 Building, formerly known as the Hancock Center, has permanently closed its doors citing "economic issues" according to a report by Crain’s. The restaurant, a popular dining spot for over three decades, announced the unexpected closure through a message posted at the establishment. 

The closure of the renowned dining spot at 875 N. Michigan Ave is a significant blow to the Magnificent Mile, which has struggled to regain its footing in the wake of the COVID-19 pandemic. With an increasing number of shuttered retailers and reduced foot traffic along North Michigan Avenue, the popular shopping corridor has faced record-high vacancies and is in desperate need of a boost to restore it as a destination for tourists and locals alike. 

Signature Room owners Rick Roman and Nick Pyknis noted in a message to employees that while many downtown restaurants are well into their post-pandemic recovery, rising costs of labor and food have led to thinner margins. These challenges have deterred visitors from coming to the area.

The decision to close their doors comes as the owners of the 26,168-square-foot space, housing both the Signature Room and Signature Lounge, are looking to sell the property. Reportedly, New York-based Madison Capital and Newark-based PGIM Real Estate had recently extended their lease for the property by ten years, providing commitment through the end of 2031.

Despite the closure, Madison Capital Senior Vice President John Clote said in an emailed statement, "Chicago boasts some of the nation's finest, and most innovative dining experiences, and this presents a very unique and exciting opportunity for the next operator." 

The 875 Building is not only home to the Signature Room and Signature Lounge but also houses the popular observatory, antennas, and a retail and restaurant portion, making it a vital hub for the surrounding downtown area.