Magellan’s St. Regis Scores Buyer for $11.5 Million Listing

Chicago’s priciest residential real estate deal of the year may be brewing.

An $11.5 million listing at Chicago’s St. Regis went under contract Monday as contingent on public listing sites, signifying what’s likely a top real estate deal so far this year.

Should the sale close for the listed asking price, it would be Chicago’s most expensive sale this year, topping the $11.2 million sale of one of Ken Griffin’s condos in Park Tower.

The 6,000-square-foot St. Regis condo is on the 88th floor and has four bedrooms and five bathrooms. At its asking price of $11.5 million, the space comes out to $1,871 per square foot.

Leila Zammatta, the in-house broker managing sales of the St. Regis for developer Magellan Realty, did not respond to a request for comment. An agent for the contingent buyer hasn’t yet been publicly disclosed.

It’s unlikely that there will be other benchmark-setting sales any time soon in the building, where condos have sold quickly. Only three units are listed for sale publicly, aside from the $11.5 million listing. Of those, the highest list price is just over $7 million.

The sale would mark the second condo deal since the ownership of the hotel portion of the building changed hands in May. The 192-key St. Regis-branded hotel sold for about $134 million, which made it the city’s biggest hotel sale in years. The buyer was a joint venture of Miami-based Gencom and Denver-based GD Holdings. They paid about $700,000 per room for the 192-key asset.

Should the condo sale land close to or at the unit’s asking price, it would be the second most expensive sale ever in the building. The only unit that has topped its $11.5 million asking price is the $20.6 million sale of one of the property’s penthouses last year. That deal was the priciest in all of Chicago last year.

Billionaire German Larrea was the buyer of that condo on the 71st floor. Larrea, a part-time Chicago resident and CEO of Mexican mining corporation Grupo Mexico, is said to have locked in one of the priciest recorded home sales in the city’s history with that purchase.

The St. Regis Chicago, formerly called the Wanda Vista Tower, is a 101-story tower completed in 2020. Located at 363 East Wacker Dr, it’s the city’s third-tallest building, and the tallest designed by a female architect, Jeanne Gang, who heads Studio Gang Architects.