Keeping it in the family: Magellan co-founder’s son becomes CEO

David Carlins is taking over from his father, Joel Carlins, and Jim Loewenberg, amid big changes at the Chicago developer

TRD CHICAGO /
Dec.December 12, 2019 12:00 PM
From left: Jim Loewenberg, David Carlins and Joel Carlins

From left: Jim Loewenberg, David Carlins and Joel Carlins

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


Related Articles

arrow_forward_ios
Marc Jacobs store at 11 E. Walton St., Marc Jacobs (Credit: Getty Images and Google Maps)

Another one bites the dust: Marc Jacobs closes Gold Coast location

Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

Ald. Walter Burnett Jr. (27th) and Steven Fifield, with a rendering of the project

‘Cap the Kennedy’ plan may be revived thanks to real estate money

Trammell Crow CEO Matt Khourie and a rendering of Fulton Labs (Credit: iStock)

Life sciences development may be Fulton Market’s next new thing

181 W. Madison St. and HNA Group Founder Chen Feng (Credit: Google Maps)

Embattled Chinese firm HNA Group refinances Loop skyscraper

Dr. Kam Patel and 400 W. Huron tower

Can a $10M condo — not in No. 9 Walton — find a buyer?

Chariot Logistics Center and Jeff Bezos (Credit: Getty Images, Cushman & Wakefield, and iStock)

Amazon inks massive lease at Melrose Park distribution center

The Atworth at Mellody Farm and Passco CEO William O. Passo

In a tight market, California investor pays $90M for suburban rental complex

arrow_forward_ios
Loading...