The Real Deal Chicago

Former Kraft Heinz exec moves up and scales down at Park Tower condo

Georges El-Zoghbi and his wife bought a 52nd-floor unit in the Mag Mile building after selling larger unit a floor below
By John O’Brien |
Research by Haru Coryne
February 11, 2019 04:30PM

800 North Michigan Avenue (Credit: Redfin)

A former Kraft Heinz executive and his wife bought a condo in a Magnificent Mile high-rise, days before selling their pricier unit a floor below for nearly twice as much.

Georges El-Zoghbi and his wife, Leila, paid $3.7 million for the three-bedroom unit on the 52nd-floor of the building at 800 North Michigan Avenue on Jan. 17, according to Cook County property records. The seller was Leland Swanson. Justin Penn of Gold Coast Realty Chicago had the listing. Sharon Glickman of Baird & Warner represented the couple.

Nearly two weeks later, the El-Zoghbis sold their five-bedroom unit on the 51st floor for $7 million. They had picked up the property in 2016 for $4.5 million, according to county records.

The city’s luxury housing market has been strong since the start of 2018, and the couple’s $7 million Park Tower transaction ranks among the top residential sales over that period.