Two of Chicago’s newest high-end residential condominium developments saw units sell for north of $4 million this week.
A unit on the 11th floor at the Tribune Tower building closed for $4.8 million on Thursday. A 3,000-square-foot property on the 58th floor of One Chicago sold for $4.4 million on Monday. Both units have three bedrooms and four bathrooms.
The One Chicago property was listed at the sale price on April 27; the Tribune Tower was listed for $4.7 million in January 2021.
Nancy Tassone with Jameson Sotheby’s International Realty represented the developer at One Chicago, and Jacob Reiner at Redfin represented the buyers. Jeanne Martini and Shannon Giampa are the in-house team that represented the developer Golub & Company LLC at Tribune Tower. The buyers’ agent was not disclosed.
The sales are an anomaly, given that many of Chicago’s highest-priced condo sales are still selling below list price. Even the record-setting $20 million sale of the penthouse at Trump Tower Chicago had a listing price $10 million higher than the final sale.
The two sales have likely been in the works for months, if not years. The two towers, with the addition of the St. Regis Residences, are the three top luxury condominium developments currently completing work and turning over units to residents that purchased during the projects’ construction.
The two projects are dramatically different — with One Chicago positioned as a modern, sleek new construction development, and Tribune Tower as a high-end redevelopment of one of the city’s most historic buildings.
The Chicago Tribune’s former home on Michigan Avenue was built in stages and the most recognizable portion of the building is a 36-story Gothic tower that was finished in 1925. Tribune Media sold the tower in 2016 for $240 million to Developers CIM Group and Golub.
One Chicago has 77 condos on the top 30 floors of the 75-story building. The other portion of the building includes 735 apartments and retail space with a Whole Foods, a Lifetime Fitness and a Philz Coffee. One Chicago includes two towers, the 75-story one with the condos, retail and apartments, and another 49-story tower with apartments.
Apartments in the main tower are 40 percent leased, while those in the secondary tower are 90 percent leased, according to the developer. Studios start at $3,255, according to One Chicago’s website.
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