Wanda Group Lists St. Regis Tower Condos in Chicago

The St. Regis Chicago’s international development saga is nearing its final chapter.

Dalian Wanda Group, the Chinese conglomerate that backed the luxury tower’s development, has listed its last remaining stake in the form of 37 condominium units, CoStar reported.

The bulk offering, listed with Newmark, includes five one-bedrooms, five two-bedrooms, 18 three-bedrooms, five four-bedrooms and four penthouses, with an average size of nearly 3,000 square feet. Pricing was not disclosed.

The portfolio sale marks Wanda’s full exit from the Jeanne Gang-designed skyscraper at 363 East Wacker Drive.

Wanda originally invested in the 101-story project in 2016 alongside Chicago-based Magellan Development Group, intending to debut its first U.S. hotel under the Wanda Vista brand. But after Chinese regulations on overseas investment tightened, Wanda sold its 90 percent stake to Magellan for $270 million in 2020.

This latest sale follows a bulk deal last November, when GD Holdings bought 84 units for $117 million, an average of $3.16 million per unit.

The St. Regis also includes a 192-key hotel operated by Marriott International under its luxury St. Regis Hotels & Resorts brand. The hotel, owned by GD Holdings and Miami-based Gencom, opened in May 2023. The condos opened to residents in 2020.

Wanda’s 37 units were never listed individually prior to this, and the sale could shake up the high-end condo market downtown, where sales have been slower in the years since the pandemic.

The tower has seen a flurry of deals so far this year, including one of the year’s priciest, for two 52nd floor units at just under $9 million last month.

Just 19 units at the tower are listed publicly, with asking prices ranging from under $1 million to $8 million. Seven have sold so far this year, according to data from Homes.com.

With Wanda’s impending departure, the tower — once a symbol of Chinese investment in U.S. real estate — is now firmly under domestic ownership. But the bulk sale could test market appetite at the top end, at a time when high-rise luxury living in downtown Chicago has yet to fully recover.