Chicago developer Magellan is keeping it all in the family amid some big changes at the company.
Two new investors, Winter Properties and BLG Capital Advisors, bought out Magellan co-founders and co-CEOs Joel Carlins and Jim Loewenberg, according to a report in Crain’s.
Longtime Magellan President David Carlins, Joel Carlins’ son, is replacing them as CEO. Loewenberg’s grandson, J.R. Berger, will continue as the firm’s principal and vice president.
David Carlins tells Crain’s that the company is looking to expand into more U.S. markets with support from Winter and BLG.
The company has already expanded outside of Chicago in recent years, to Miami; Austin, Texas; Nashville, Tennessee; and Sommerville, Massachusetts.
In Chicago, Magellan has several big projects in the works. It is completing the 92-story Vista Tower on East Wacker Drive, starting construction on the Cirrus and Cascade towers in Lakeshore East, and working on a 47-story tower that will include 280 hotel rooms and 289 apartments at 300 North Michigan Avenue.
Both Winter and BLG already had ties to some of Magellan’s Chicago developments.
Winter President Rick Singer was CEO of Chinese insurer Ping An’s U.S. real estate venture, which provided a $700 million construction loan for Vista Tower. BLG has invested in a Magellan apartment project in River North, Exhibit on Superior, and its multifamily development in Austin.
Joel Carlins and Loewenberg each now has the title, chairman emeritus, and will play an advisory role at Magellan, and invest in its projects. A chairman has not yet been named to succeed them.
[Crain’s] — Brianna Kelly