Magellan, JPMorgan looking to sell Aqua tower apartments

The move to cash out on the skyscraper's 474 rental-unit portion comes amid a strong downtown multifamily market

Chicago /
Sep.September 21, 2018 02:00 PM

Magellan co-CEOs Joel Carlins and James Loewenberg and the Aqua Tower

Magellan Development and JPMorgan Asset Management are looking to sell the apartment portion of the 86-story Aqua tower in Lakeshore East.

The two firms hired JLL to market the 474 units on floors 19 through 52, nearly 1,000 underground parking spaces and 56,000 square feet of office and retail space at the base of the distinctive building, according to the Chicago Tribune. The sale does not include the Radisson Blu hotel below the apartments or the condominiums above.

The apartments are 97 percent leased, JLL’s Liz Gagliardi said, which is noteworthy even in light of other strong indicators for the Downtown apartment market, where Class A occupancy stood at 94 percent and rents reached a record high in the second quarter.

JLL declined to say how much the owners are seeking, and the only other sale involving the building at 225 North Columbus Drive was when JPMorgan paid Magellan $182 million for a majority stake in 2010.

Aqua architect Jeanne Gang is also designing the nearby Vista Tower, which will become Chicago’s third-tallest building when it’s finished in two years. Magellan’s partner on that project, Dalian Wanda, is selling its stake in the building to Triple Five Group.

Magellan and Australian-based partner Lendlease last month unveiled revised plans for three new residential towers that would add 1,700 new apartments in Lakeshore East. [Chicago Tribune] — John O’Brien


Related Articles

arrow_forward_ios
1000 W. Fulton Market; and 210 N. Carpenter Street (Project Management Advisors, SCB)
2 Google-leased Fulton Market offices sell for $500M
2 Google-leased Fulton Market offices sell for $500M
CMK Companies CEO Colin Kihnke and an aerial view of property at 1400 S. Wabash Ave. (Google Maps)
CMK plans 299-unit South Loop tower
CMK plans 299-unit South Loop tower
(Lollapalooza, Getty)
More than a mint: Hotel industry seeks $75M for Chicago comeback
More than a mint: Hotel industry seeks $75M for Chicago comeback
Mark Goodman and an aerial of 400 N. Elizabeth Street (Google Maps, Mark Goodman & Associates)
500K-sf life sciences complex eyed for Fulton Market
500K-sf life sciences complex eyed for Fulton Market
Port of Chicago (BartShore/Wikipedia, iStock)
Big development opportunity on tap at Port of Chicago
Big development opportunity on tap at Port of Chicago
Amita CEO Keith Parrott and the Amita Health’s Lisle headquarters at 2601 Navistar Drive in Lisle (Amita, Google Maps)
Amita Health adds to wave of suburban office subleases
Amita Health adds to wave of suburban office subleases
From left: DL3 Realty’s Leon Walker, Discover’s Roger Hochschild, Mayor Lori Lightfoot, and 8560 South Cottage Grove Avenue. (DL3, Discover, Getty, Google Maps)
DL3 Realty signs Discover to big South Side lease
DL3 Realty signs Discover to big South Side lease
Blackstone’s Jonathan Gray and CenterPoint CIO Jim Clewlow with one of the properties, 225 Spring Lake Drive, Itasca (Getty, Linkedin, Google Maps)
Blackstone expands industrial reach with $151M Chicago buy
Blackstone expands industrial reach with $151M Chicago buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...