Xeris CEO Paul Edick Lists Lincoln Park Mansion For $6M

After Paul Edick’s pharmaceutical company made a big real estate deal with a Chicago office move this fall, the local businessman is trying to make one himself with a residential asset.

The chairman and CEO of Xeris Pharmaceuticals is selling a contemporary mansion in Lincoln Park, seeking $6 million through a private, agents-only network listing.

The four-bedroom, five-bathroom property is on Fremont Street, adjacent to DePaul University’s campus in the area. The 6,600-square-foot home includes a three-car garage and was custom built in 2018. The 36-foot lot includes extensive gardens and outdoor space, a rooftop vegetable garden and rooftop deck.

Other amenities include a 2,200-bottle wine cellar, elevator, heated floors, a four-bottle wine dispenser, a home theater with kitchenette, two laundry rooms, five fireplaces and an outdoor kitchen with a wok station, and an outdoor snow melt system under walkways.

Cook County property tax records show the home appears to be owned by Edick, chairman and CEO of Chicago-based Xeris. He bought the property in 2015, before the home on it was completed, for $2 million.

It’s unclear why he’s listing the custom home only four years after finishing its construction. Elizabeth Ballis, an agent with Compass is representing the property and did not respond to a request for comment.

Edick’s company, Xeris, this fall locked in an 87,000-square-foot lease in Trammell Crow’s newly developed laboratory and office property called Fulton Labs in the Fulton Market District, in an exit from LaSalle Street offices the business had occupied.

Even though Chicago’s luxury housing market has had a consistent flow of sales, many sellers have been forced to make price cuts to sell homes, so it’s unclear whether the home will sell for its asking price.

That’s been especially true at the top of the market, including the $20 million Trump Tower Chicago penthouse sale that was cut from a $30 million list price. In the Gold Coast, a 10,000-square-foot Beaux-Arts style mansion sold for $7 million, almost half the $13.5 million asking price when it was listed two years ago.

Lincoln Park has been home to several notable deals this year, including the recent sale of a quadruple lot for $9 million. The land was sold as part of a custom design project by BGD&C Homes, a high-end Chicago builder whose president is Rodger Owen. That deal appears to be a record in Lincoln Park for the cost of land alone. Other properties in the area that have exceeded $9 million have included a home.

The Fremont Street home is one of five that are currently for sale at or over $6 million in the affluent neighborhood. Six homes have sold at or over $6 million in Lincoln Park so far this year.