Madison Dearborn Vice Chairman Unloads Lincoln Park Mansion

Tom Souleles, a longtime dealmaker at Madison Dearborn Partners, didn’t linger on the market when it came time to sell his Lincoln Park home.

Souleles, vice chairman of the Chicago-based private equity firm, and his wife, Cia Souleles, sold their mansion at 1964 North Burling Street for the full $6.5 million asking price, closing Friday after just a week on the market last fall. The deal stands as the Chicago area’s highest-priced home sale of the still-young year, according to Crain’s which first reported the sale.

The sale price for the five bedroom house equates to $956 per square foot. The couple bought the 6,800-square-foot house in 2002 after it was restored by developer Fred Latsko, though the sale price wasn’t disclosed in public records. They later acquired the adjacent lot, creating a 50-by-123-foot parcel that gives the home a lawn, patio, rooftop decks and room to entertain — nearly the size of a standard double lot.

The couple listed the property Sept. 8 and had it under contract by Sept. 15, a brisk timeline even by Lincoln Park standards. Souleles did not respond to a request for comment by the publication, nor did listing agents Colette Cachey Smithburg and Joelle Cachey Hayes of @properties Christie’s International Real Estate. The buyers, who are not yet identified in public records, were represented by Keith Brand of Berkshire Hathaway HomeServices Chicago.

Only one other Chicago home has traded above $5 million this year, a Gold Coast mansion that sold for $5.1 million in January. Three additional sales have cleared $4 million, in Lincoln Park, Bannockburn and Burr Ridge.

Built in 1883, the Italianate home features a carved limestone facade and bracketed cornice typical of late 19th century Chicago homes. The interior blends restored or recreated vintage details with modern updates: a stone fireplace mantel, curved stair railings, herringbone wood floors and high ceilings with crown moldings, according to the publication. A penthouse-level entertaining space opens onto a rooftop deck, designed to stay visually discreet from the street, with additional outdoor space atop the garage and along the side yard.

Souleles joined Madison Dearborn in 1995 and rose through the ranks, as the firm became one of the country’s most influential private equity players. He and Tim Sullivan were named co-CEOs in 2023 before Souleles moved into the vice chairman role.

— Eric Weilbacher