A condominium nearly at the top of the new St. Regis sold for US$9.2 million, the highest recorded sale price so far in the Studio Gang-designed tower.
It’s also the third-highest amount buyers have paid for a Chicago-area home so far in 2022, behind a US$20 million sale at the Trump International Hotel & Tower and a US$17.4 million sale at No. 9 Walton.
The four-bedroom, roughly 5,700-square-foot (529-square-meter) condominium on the 91st floor of the Wacker Drive building sold June 10, 2022. The buyers’ agent, Laura England of Compass, confirmed the buyers bought raw space. Their projected cost to finish it is not known, but at 5,700 square feet, it will likely come to multiple millions on top of the price of acquiring the space.
England declined to identify the purchasers but confirmed they put the condominium under contract in September 2016. She said finishing the condo into livable space will be complete sometime late in 2023 or possibly in 2024.
That was long before the slowdowns related to developer Magellan’s Chinese partner, Dalian Wanda Group, pulling out of its investment and its planned hotel presence in the tower. Reports that Magellan would lose Dalian Wanda first surfaced in 2017, but it wasn’t until 2020 that the pullout was complete, with Magellan buying out the partner for US$270 million.
The condominium is the fifth at the St. Regis to close for US$6 million or more, according to Crain’s tracking of the market. There may be others that have closed quietly, without being recorded in real estate listings.
For more on this story, go to Crain’s Chicago Business.