Three St. Regis Chicago Condos Sold in Luxury’s Brisk Outset

Three luxury condos at the 192-room St. Regis Chicago changed hands this week for a combined $17.1 million.

The sales, closed over two days this week, come as a welcome boost for the 363 East Wacker Drive skyscraper, which has faced years of financial and market challenges, Crain’s reported. The transactions include a $6.48 million purchase of a 52nd-floor unit, a $6.3 million deal for a 60th-floor condo, and a $4.34 million sale of another unit on the 60th floor.

The $6.48 million and $6.3 million sales were represented by Leila Zammatta of Magellan Development Group’s in-house team. Mike Larson of Jameson Sotheby’s International Realty represented the buyer in the $4.34 million transaction, and Nancy Furth of Magellan was the listing agent. No buyer’s agents were recorded for the two sales over $6 million.

The sales followed the bulk acquisition of 84 condos in the tower by Denver-based GD Holdings for $117.5 million ($1.4 million per unit) in November. The deal was financed with a $110 million loan by JP Morgan Chase.

Magellan, headed by CEO David Carlins, relisted two of the units sold this week, both of which were part of the portfolio acquired in the bulk deal. The transaction involving the $6.3 million condo highlights GD Holdings’ decision to maintain relatively stable pricing, with only an 8.3 percent drop from the 2020 asking price.

Several of Chicago’s most notable condo sales in recent years have been in the 101-story New Eastside skyscraper, including a more than $20 million sale to a Mexican mining billionaire for a 71st-floor unit.

The recent activity signals growing confidence in Chicago’s downtown luxury market.

Concerns over urban crime have deterred some buyers from high-end properties in downtown Chicago. However, the St. Regis sales could reflect a shifting sentiment among affluent buyers.

“They wouldn’t be buying if they didn’t want to,” Larson said.

Chicago’s upper-end housing market is showing signs of a strong start this year. Six sales exceeding $4 million have closed in the first eight days of the year, compared to just three during the same period in 2024. Last year, the city recorded 100 transactions over $4 million across 12 months.

— Andrew Terrell