Chicago’s Aqua Tower Listed Amid Wave of Downtown Listings

One of Chicago’s most distinctive towers — and a defining piece of its skyline — is up for grabs.

The 82-story Aqua at Lakeshore East, the undulating apartment tower designed by architect Jeanne Gang, hit the market as thousands of downtown units are being shopped to investors, CoStar reported.

Los Angeles-based landlord Ares Management, which bought a majority share of the property from Magellan in 2019 for $191 million, is testing the waters alongside Chicago-based Magellan Development Group, which retains a minority stake.

JLL brokers Kevin Girard, Sam Grohe, Zach Kaufman, Mark Stern and Jeremy Weinstock are marketing the 474-unit building at 225 North Columbus Drive. An asking price hasn’t been disclosed.

The listing includes the rental apartments, 974 parking spaces, and roughly 56,000 square feet of commercial space at the base. The Radisson Blu hotel and privately owned condos within the mixed-use tower are not part of the offering.

Known for its rippling white balconies that mimic waves, Aqua is one of Gang’s signature works and a centerpiece of the Lakeshore East development between Millennium Park, the Chicago River and Lake Michigan. The architect, who received the Urban Land Institute’s top honor in 2022, also designed the 101-story St. Regis Chicago nearby.

The offering comes as investors are circling Chicago’s multifamily sector, despite elevated borrowing costs.

Roughly 4,200 downtown apartments have hit the market in recent months as landlords test pricing amid heated rent growth. Chicago has led major U.S. metros in rent gains, fueled by limited new supply and higher construction costs. In a recent benchmark deal, local operator Waterton paid $89.5 million for The Mason, a 263-unit tower in Fulton Market.

Aqua is 95 percent leased, with new rents up nearly 5 percent this year, according to JLL marketing materials. The brokers are touting the property’s 110,000 square feet of amenities — including an outdoor running track, indoor lap pool and basketball court — and pitching it as a value-add play through unit upgrades and rent lifts.

— Eric Weilbacher