CHICAGO (WGN) A man is dead, and a suspect is in serious condition after a stabbing at the Navy Pier on Sunday evening, according to the Chicago Police Department.

The incident unfolded in the 600 block of East Grand Avenue at 5:30 p.m., where a verbal altercation between two men turned violent.

Police say a 56-year-old man was arguing with a 64-year-old man when the older man pulled out a sharp object and stabbed the victim multiple times.

The victim suffered several stab wounds to his upper body and was transported to Northwestern Memorial Hospital, where he was pronounced dead.

The suspect also suffered a stab wound to his chest during the altercation. He was transported to a local hospital in serious condition and remains in police custody.

Area Three Detectives are investigating. No additional information has been provided.